Market Business Park Gets 11 Purchase Offers
In yet another sign that the county’s commercial real estate market is heating up, the Market Business Park, a lender-owned development in north Oxnard, recently drew 11 purchase offers within a few days of being offered for sale.
The buyer, Moorpark investor Fred Kavli, paid the full asking price of $3.5 million for the four-building center north of the Ventura Freeway.
“I’m not surprised it drew that kind of interest,” said Doug Kubiske, one of three brokers involved in the deal. “There are fewer and fewer such properties available. The vacancy rate for industrial buildings in Ventura County has dropped from 14% to 8% in the past 24 months.”
The 7.5-acre, 95,000-square-foot complex between Paseo Mercado and Los Olivos was sold by Confederation Life Insurance Co. of Atlanta, which took over the property when the previous owner defaulted on mortgage payments.
One of the buildings in the center is occupied by Federal Express. Another was recently leased by Excalibur, a window-covering manufacturer.
Kubiske was joined in arranging the sale by fellow brokers Mike and Melinda Walsh. All are associated with Daum Commercial Real Estate Services in Camarillo.