Skya Ventures Buys Office Campus in Suburban SoCal
Office is still in play in Southern California despite there being no real return-to-office anymore.
CBRE announced the sale of a campus in Ventura, Calif., for $24.3 million, but the brokerage did not disclose the name of the buyer or seller. Records show the property was sold to Tarzana-based Skya Ventures, an affiliate of Gelt.
Buenaventura Financial Center, located at 255, 260, 290 and 3585 Maple Street, is a garden-style office campus on a 7.7-acre infill site located between Ventura’s foothills and coastline.
Gelena Wasserman, president of Skya Ventures, told Commercial Observer that the firm acquired the office as a long-term play, and that they are working on a new marketing strategy to lease up about 46,000 vacant square feet.
“There will be businesses that will continue to be in person, particularly in this market, and they will need office space,” she said, adding that Skya Ventures will complete light renovations on the property.
CBRE’s Mark Shaffer, Melinda Russell, Anthony DeLorenzo, Gerard Poutier, and Michael Slater represented the seller, a private investor.
More investors and developers are targeting the suburban markets around Los Angeles as a record number of families relocate amid the pandemic. Ventura County has drawn a significant portion of investment from multifamily developers and the e-commerce industry.
Meanwhile, Gelt has been adding to its multifamily portfolio. The firm acquired the 312-unit Oasis Apartments in Anaheim for $146.5 million this year as well as the 160-unit Elevate Long Beach for $54.7 million. Gelt managed a $1.9 billion portfolio with more than 11,000 units as of November.
Gregory Cornfield can be reached at firstname.lastname@example.org.