Delve into the broad spectrum of possibilities of this multifaceted sale or lease opportunity at 1690 Universe Circle.
The freestanding, 34,000-square-foot commercial flex building sits on a valuable 2.2-acre lot at the corner of Emerson and Rose Avenue in Central Ventura County. Most recently, the property was a Veterans Administration Medical Center, leading to a full renovation in 2016/2017.
This asset presents an ideal opportunity for a move-in-ready medical/professional office user or a flex user with only minimal tenant improvements needed.
1690 Universe Circle spans two stories connected by an elevator and stairs. The 20,000-square-foot first floor is fully built-out as a medical clinic with two entrances and lobbies, an x-ray room, a conference room, an IT area, a staff lounge, and private offices. The second floor is now leased to a long-term tenant. When originally occupied for a trade school, 1690 Universe Circle included an expansive warehouse, opening up tremendous adaptive reuse capabilities.
Located in the Channel Islands Business Center, 1690 Universe Circle benefits from corporate neighbors, amenity access, and arterial connectivity inherent to most master-planned professional campuses. In addition to those locational advantages, it lies within an Opportunity Zone for possible tax benefits. It also has flexible MLPD zoning (limited manufacturing planned development).
Many high-profile corporations prefer this area, as Bayer, Waterway Plastics, Dignity Health, Ventura Behavioral Health, and Mercury Systems hold substantial office, medical, and flex presences within a 3-mile radius. These organizations take advantage of the proximity to Santa Barbara, Thousand Oaks, Los Angeles, and Santa Clarita with a fraction of the congestion. The Oxnard submarket has promising fundamentals underpinning demand from tenants, more so than the Greater Ventura County Market. From Q4 2022 to Q4 2023, the office vacancy rate dropped by 4.2% and currently sits at the lowest figure since 2017 per CoStar, with projections calling for a continued decline in vacancy.
Bill Kiefer
NAI Capital, Inc.