Pacifica Real Estate Group, a fast-moving Santa Barbara investment and management firm, has its eye on Ventura County.
The group is managing general partner of investors who paid $10 million in December to purchase Westlake Plaza Center II, a Westlake Village office building, from the government's Resolution Trust Corp., which handles sales of assets from banks and S&Ls; that have been seized by the government.
Since the deal closed, Pacifica has signed a new tenant, Pepperdine University, which will establish a 10,000-square-foot Ventura County satellite center in the three-story building, reports E. Russell Fraser, Pacifica's president.
The building is 98% leased, he says.
In addition to Westlake Plaza Center II, partnerships controlled by Pacifica also own two apartment complexes with a total of 400 units in Camarillo. The group is considering building a moderately priced hotel in Ventura County and is also seeking industrial property here.
"The county is attractive, though I'm not prepared to say it's worked its way out of the recession yet," Fraser says.
Pacifica has sponsored 150 limited partnerships and has a portfolio of $300 million in properties, Fraser reports.