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Real Estate: Property sale, new restaurant shake up downtown Ventura

By   /   Friday, October 1st, 2021  /   Comments Off on Real Estate: Property sale, new restaurant shake up downtown Ventura

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The Palm Court commercial property in downtown Ventura recently sold for $4.95 million. (courtesy photo)

Real Investments, a real estate brokerage and property management company in Ventura County, recently completed two deals in downtown Ventura.

First was the sale of a multi-tenant commercial property known as Palm Court, at the corner of East Main Street and South Palm Street. fronting East Main Street and South Palm Street, starting at 278 E. Main St. and ending at 298 W. Main St. The property sold for $4.95 million, according to Real Investments.

The new owners are seasoned investors who have a proactive vision for downtown Main Street, Real Investments officials said.

“The investors who purchased the Palm and Main property will add value to the building and to downtown Main Street with their mission of revitalizing the downtown core to benefit the city, community and to enhance the quality of life of the residents — and most importantly to draw in tourism dollars,” Steven Canchola and Michael Hernandez of Real Investments wrote in a statement to the Business Times.

The tenants are currently restaurants and other businesses, including Capriccio, El Rey Cantina, Olive Ventura, Taqueria Vallarta and House of Stone.

“Real Investments has managed the property for years with a pride of ownership and attention to detail,” a statement from Real Investments said. “Preserving and growing the asset has been a top priority for the property owners.”

Another Real Investments Property at 419 E. Main St., got a new restaurant tenant in late September: The Six Chow House, which also has locations in Calabasas, Studio City and West Los Angeles. The 5,400-foot-space was formerly occupied by the restaurant Oak & Main.

Brooke Holland
Commercial Real Estate

Real Investments said it worked with the property owner to open up the front of the 5,400-square-foot restaurant space for a direct line of sight from the street. In an email to the Business Times regarding the new restaurant, Canchola and Hernandez said the collapsible doors will provide a clear view of the interior activity and the stage to showcase entertainment for guests.

“The interior decor is refreshing and enhances the overall experience in The Six Chow House,” Real Investments officials said. “The benefits to the community are the amazing food, from steaks that melt in your mouth to the flavorful ceviche, which pairs well with beer, wine and cocktails.”

DEAL OF THE WEEK

Santa Barbara-based Beachside Partners announced has sold a multifamily property at 610-618 Castillo St. in Santa Barbara. It’s the highest-ever sale price for a five-plus-unit property that doesn’t have a mixed-use component in the city of Santa Barbara, according to Beachside Partners.

Beachside founder Jon Standring and Associate Broker Lori Zahn represented the seller and broke a record with a sale price of $856,000 per unit. The property was listed for $6.95 million and sold for $6.85 million.

Constructed in 2020, the property consisted of two parcels with a total of eight units. The marketing package showed a pro forma income of $38,350 per month. Standring and Zahn assisted the out-of-town agent and buyer by helping lease and deliver the property fully occupied at $39,000 per month.

SLO HOUSING SUMMIT

The Housing Coalition of the Central Coast is holding the virtual 2021 San Luis Obispo County Housing Summit from 3 p.m. to 4:30 p.m. on Oct. 6.

The event is free and open to the public. It will focus on efforts to support the creation of more permanent, sustainable housing for county residents experiencing or at risk of homelessness, according to the San Luis Obispo County Chamber of Commerce.

“Attendees will leave this event educated, inspired and prepared to advocate for real, actionable solutions that address homelessness throughout San Luis Obispo County,” event organizers said in a news release announcing the gathering.

The summit will address how the area can address the local homelessness crisis over the next two years by utilizing available state funding from Project Homekey, a program aimed at housing homeless people during the COVID-19 pandemic.

Featured speakers include El Camino Homeless Organization’s President/CEO Wendy Lewis, The Housing Authority of SLO’s Executive Director Scott Smith and People’s Self-Help Housing’s President and CEO Ken Trigueiro.

For more information, visit the San Luis Obispo Chamber of Commerce’s website at slochamber.org.

• Brooke Holland covers commercial real estate for the Pacific Coast Business Times. She can be reached at [email protected]

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