Six-Story Building Sells for $5.1 Million

A buyer has finally been found for 1000 Town Center Drive, the green glass office building in Oxnard that has been on the market for two years.

Bedford Property Investors Inc., a real estate investment trust based in Lafayette, Calif., has purchased the six-story structure from Citicorp for $5.1 million.

The building adjoining the Ventura Freeway was completed in 1991 at an estimated cost of $17 million. Only about 40% of its 110,000 square feet of space is occupied.

Citicorp turned down a $6.5-million offer in a nationwide auction in May, 1992. At that time, the building was known as North Coast Executive Center.

It is in the Oxnard Town Center, which never lived up to its developers’ vision of a $500-million project that would be the largest commercial development in Ventura County history.

“The low cost . . . and high quality of the building will allow us to compete aggressively in the west Ventura County market,” said Peter B. Bedford, the investment trust’s chairman and chief executive.