VOIT COMPLETES SALE OF 24 OFFICE/INDUSTRIAL/FLEX CONDOS TOTALING 65,000 SQUARE FEET IN SAN DIEGO COUNTY
Voit’s San Diego office completes the sale of all remaining units in the Venture Commerce Center in Oceanside, Calif. for a total consideration of $6.25 million.
San Diego, CA – May 3, 2012 – (RealEstateRama) — Voit Real Estate Services’ San Diego office has completed the sale of 24 office/industrial/flex condos encompassing 65,000 square feet in the Venture Commerce Center in Oceanside, Calif. on behalf of the seller for a total consideration of $6.25 million.
Voit was retained by LAMCO LLC, a subsidiary of Lehman Brothers Holdings Inc., to develop a strategic solution for the distressed asset – a fractured condo project consisting of seven buildings divided into 43 individual units, according to Randy LaChance, Senior Vice President in Voit’s San Diego office.
“When Voit took over the management of the property, less than half of the individual units had already been sold,” said LaChance. “Our in-house asset management, property management, and brokerage divisions worked closely to develop a strategy that was best for our client and for the asset. Together, we determined that the best strategy for the remaining units was an orderly market disposition to users.”
Voit’s Randy LaChance and Todd Holley, along with Rusty Williams of Lee & Associates, led the disposition process and completed the sale of the remaining 24 units within 16 months. LaChance, Holley and Williams represented LAMCO LLC as the seller in these transactions.
According to Todd Holley, the property was challenged due to its recent foreclosure, and the Voit team launched a thorough marketing campaign in order to change the perception of the center and identify buyers for the remaining condos.
“Ultimately, we completed all 24 sales, predominantly to owner-users,” commented Holley. “This is an excellent example of what Voit can do when clients utilize all of our integrated services.”
The Venture Commerce Center is located at 3600-3682 Ocean Ranch Boulevard in Oceanside, Calif.
About Voit Real Estate Services
Voit Real Estate Services is now a 10 office commercial real estate firm that, through its brokerage and asset services professionals working together, provides strategic property solutions tailored to clients’ needs. Combining 40 years of expertise in brokerage, investment advisory, financial analysis, market research, asset management, tenant advisory and property management services, Voit provides clients with forward looking strategies that create value for their assets and portfolios.
Voit is a privately held, debt-free firm that has successfully navigated numerous market cycles since 1971 and currently employs more than 250 people. Voit has owned, developed and managed over 50 million square feet of commercial real estate, participated in $1.4 billion of construction projects and completed over $36 billion in brokerage transaction volume. Further information is available at www.voitco.com.
Contact:
Judith Brower/ Jenn Quader
Brower, Miller & Cole
(949) 955-7940
JQuader (at) browermillercole (dot) com
