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Newmark has completed the sale of Solar Drive Business Park, a 136,744-square-foot Class A three-building office/medical office property located at 1901, 2001 and 2051 North Solar Drive in Oxnard, CA.
Newmark’s Sean Fulp, Ryan Plummer, Mark Schuessler, and Ken White represented the seller. The buyer, Omninet Capital, LLC, was self-represented.
The property is 75 percent occupied by medical and office tenants and is situated on 10.4 acres which includes a 1.2-acre parking lot. Solar Drive Business Park is ideally located within one of the most prominent medical nodes in all of Ventura County, with a number of healthcare-focused tenants within a half-mile of the asset including the 265-bed St. John’s Regional Medical Center, Magnolia Urgent Care Center, Magnolia Family Medical Center, and Kaiser Permanente.
“The seller recently invested $1.8 million in capital improvements into this high-quality, institutional asset including buildout of the available suites in order to significantly reduce the leasing timeline,” said Fulp. “Omninet has the opportunity to capitalize on the demand for medical and office space in the Ventura County submarket by bringing rents to market rates as they roll, and leasing up the available space to traditional office and medical office users.”
Solar Drive is surrounded by a deep employment base with a population of 437,632 residents within a 10-mile radius. Ventura County consistently ranks among the top 100 highest-income counties in the country and within the top 20 in the state of California, attributed to a deep and dynamic labor pool.
About Omninet Capital
Omninet Capital is a full service boutique real estate firm with holdings in excess of 10 million square feet of commercial assets throughout the United States. For more information, contact Michael Danielpour at michael@omninet.com.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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