NAI Capital Vice Presidents Ziv Kozaski and Michael Dixon exclusively represented the buyer 2201 Statham, LLC in the transaction. The 25,610 square foot project located at 2201 Statham Blvd in the city of Oxnard was 90% vacant at the time of the sale. Oxnard Work-Live Lofts is an adaptive reuse of an old industrial building. Units range in size from 978 to 1,615 square feet. Condos have a single-car garage, two bathrooms, laundry room, central air conditioning and wiring for high-speed internet connection.
Oxnard Art Lofts is in a live / work community on the edge of an industrial area surrounded by a myriad amenities that appeal to businesses and residents. The property is 12 minutes from Port Hueneme Beach Park, 5 minutes from Santa Clara High School and 4 minutes from Centerpoint Mall. Oxnard Art Lofts has outstanding demographics; 236,628 people live within a 5 mile radius with a $72,051 average household income.
“Oxnard Art Lofts was a tremendous investment opportunity for 2201 Statham, LLC with a potential to resell each condo at higher prices. The project was built in 2009 as 18 condos live-work lofts in Ventura County. It is one of the last short sale deals. The combined outstanding loans balance was over $6,000,000, the bankruptcy court approved the sale at $2,950,000 which represented $115 per square foot or $164,000 per condo. The buyer intents to rent the vacant condos as soon as possible, which will present over 10% return on investment,” said Vice President Ziv Kozaski.
Michael Dixon said, “This property is poised to capitalize on the hot residential market and improving fundamentals for small businesses in the economy”
About NAI Capital
NAI Capital is a leading Southern California commercial real estate firm headquartered in Encino, California. With 14 offices throughout Los Angeles, Orange, Riverside, San Bernardino and Ventura Counties, NAI Capital is the Southern California member of NAI Global, a premier real estate service network in 55 countries with 375 local offices and 6,700 local market leaders spanning the globe. Since 1979, NAI Capital clients have built their businesses on the power of our expanding network. Our extensive services include: multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services.
NAI Capital Brokerage CA BRE #00806840.
To learn more, visit www.naicapital.com
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Director of Research and Public Relations
jcasillas (at) naicapital (dot) com
16001 Ventura Blvd, Suite 200
Encino, CA 91436