Distressed commercial real estate – deals for investors and business owners
By Don | October 18, 2010
The downturn has produced an unprecedented number of foreclosed commercial properties in Ventura County covering all asset types from hospitality to industrial and office condos. Investors looking for value are taking advantage of higher capitalization rates, and business owners are finding that substantially lower acquisition price points (combined with low SBA financing rates) are making ownership vs. leasing a smart financial option. Here are a sampling of specific properties in various asset classes that have reverted back to their lender this year:
For Owner/Users – new condo offices
![newbury_park_condo_sm](http://www.donnelsonteam.com/wp-content/uploads/2010/10/newbury_park_condo_sm.jpg)
This complex of office condos at corner of Wendy Drive and the 101 in Newbury Park reverted back to First California Bank. Bank has substantially reduced asking prices over developer's price points.
![opus_camarillo_sm](http://www.donnelsonteam.com/wp-content/uploads/2010/10/opus_camarillo_sm.jpg)
This office condo complex (at corner of Mission Oaks and Camarillo Ranch Road) reverted back to Bank of America. The original loan for entire complex was for $31,000,000; B of A took it back for $16,182,870.
For Owner/Users – Industrial properties
![3977ranchero_sm](http://www.donnelsonteam.com/wp-content/uploads/2010/10/3977ranchero_sm.jpg)
3977 Camino Ranchero, Camarillo. Approximately 10,000 square foot industrial building, built in 2001. Bought at public auction by third party for just over $1,000,000.
For investors – different asset classes reverted back to lenders
![country_inn_sm](http://www.donnelsonteam.com/wp-content/uploads/2010/10/country_inn_sm1.jpg)
The 100 room Country Inn and Suites at Central Avenue (off the 101), Camarillo. Hotel was bought for $8.5M in 2004; reverted back to lender for $4.6M.
![StCharlesPlace_sm](http://www.donnelsonteam.com/wp-content/uploads/2010/10/StCharlesPlace_sm.jpg)
Two approximately 12,000 square foot office buildings at 550 and 558 St. Charles Drive, Thousand Oaks (near Janss Mall).