Lee & Associates Transacts Largest Office Park Sale in Ventura County for $10.85 Million

Philanthropist investor buys Creekside Executive Center in Camarillo
Creekside Executive Center in Camarillo, Calif.
Creekside Executive Center in Camarillo, Calif.
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* California - US

Nov. 1, 2010 - PRLog -- Creekside Executive Center, a newly constructed 128,000-square-foot business park, has been acquired by businessman, philanthropist and real estate investor, Fred Kavli, founder of Sunbelt Enterprises, said Mike Tingus, president of Lee & Associates-LA North/Ventura, Inc., who transacted the sale on behalf of the buyer and seller. Lee’s Associate Vice President David Kim and Principals Grant Harris and John Ochoa SIOR also represented the seller, Bank of America.

The $10.85 million sale is one of the largest transactions to take place in Ventura County in the last few years.

“Mr. Kavli’s lifelong passions have been nanoscience, astrophysics and neuroscience, so we’re proud to know that this premier Class A property has found a place alongside those lofty pursuits,” Tingus said. “Seriously, though, when a businessman of Fred’s caliber has enough confidence to invest in the market, it’s a good sign for commercial real estate here.”

The business park, located at 4001-4087 Mission Oaks Blvd. in Camarillo, Calif., consists of 14 buildings including a 2-story, 55,322-square-foot building for lease and 26 office condominiums with space ranging from 2,257 square feet to 7,315 square feet which are for sale or lease.  The properties are suited for owner-users, investors and tenants. Medical use is also permitted.

The team of Tingus, Kim and Ochoa, which is marketing the business park on behalf of Sunbelt Enterprises, has received considerable interest  in excess of 40,000 square feet for Building A, a 55,322-square-foot multi-tenant office building. A second building totaling 4,904 square feet is in escrow to a medical/dental company and scheduled to close in mid-November.

“It has been a pleasure to work with Sunbelt Enterprises and its Vice President of Real Estate Richard Green, who was instrumental in this transaction,” said Tingus. “Both Richard and the company understood the value of this asset and its synergy with the 2+ million-square-foot portfolio of commercial properties Sunbelt owns in the Oxnard Plain.”

The new owner of the property, Sunbelt Enterprises, was established by Fred Kavli, a native of Eresfjord, Norway, and the founder of Kavlico, a Moorpark, Calif.-based manufacturer of sensors for the aeronautics and automotive industries.  He began investing in real estate about 50 years ago.  Kavli sold Kavlico in 2000 and established The Kavli Foundation, which supports research in his three primary areas of interest: nanoscience, astrophysics and neuroscience. The Kavli Foundation has established 15 institutes worldwide, 10 of which are in the U.S., including Columbia, Stanford, Yale, Caltech and UCSB.  Several years ago Kavli established The Kavli Prizes in partnership with the Norwegian Academy of Science and Letters and the Norwegian Ministry of Education and Research. The prize, which has been called the 21st Century equivalent of the Nobel Prize, awards $1 million for outstanding scientific research in each of the three study areas every two years.

Besides the company he built in Ventura County, Kavli is probably best known locally for the Fred Kavli Theatre for Performing Arts at the Thousand Oaks Civic Arts Plaza.
Source:The Hoyt Organization
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Tags:Lee & Associates, Real Estate, Ventura, Office Park
Industry:Real Estate
Location:California - United States
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