A pair of Southern California real estate developers have jointly acquired the remaining 75.3 acres of land and 20,735 square feet of building space at the Channel Islands Business Center in Oxnard.
Goldrich & Kest Cos. of Culver City and the California Landmark Group of Century City, under the name Channel Islands Business Center LLC, purchased the portion of the approximately 1-million-square-foot property from ATC Realty Sixteen Inc., an affiliate of Wells Fargo Bank.
The business park, located along Pacific Coast Highway, was originally developed in 1985 by the Thousand Oaks Land & Development Corp. using a city-backed bond and a joint agreement with the Wells Fargo Real Estate Investment Trust.
ATC Realty acquired the property in 1992.
With the recent purchase, the bank affiliate has now sold off the entire business park.
The business center houses 35 buildings, an office complex, a multitenant industrial complex and two restaurants. Businesses on the property include golf club manufacturer Belding Sports; Spatz Laboratories, an injection modeling company, and a Mercedes-Benz training facility.
Two other businesses on the site--automotive parts company Schosche Industries and Industrial Tools Inc., a maker of machine tools--are in the process of building a combined 125,000 square feet of building space.
Paul Farry, a vice president with CB Commercial Real Estate Group, which marketed the business center site, called purchase of the acreage a positive sign for Ventura County real estate.
"There's a real interest in this area, something local people don't realize," said Farry, who has been the marketing agent for the property since 1985, when he worked for a branch of the TOLD Corp.
"The sale of the entire business park shows that people are willing to come out here and buy land that is cheaper than what is in Los Angeles, and [developers] feel that the land will be absorbed based on a general movement away from Los Angeles," he said.