1956 Palma Dr, Ventura, CA 93003

Mike Wax, SIOR, of IPA Commercial, is pleased to present the unique opportunity to purchase 1956 Palma Dr., Ventura. A modern multi-tenant industrial asset with a prime location in the heart of Ventura’s industrial center. Constructed in 1999, this concrete tilt-up building features a high image, exposed aggregate design style, an impressive glass-line, with the versatility of nine 12’ x 14’ loading doors and multiple store fronts.
The property is prominently situated at the corner of Palma Drive and McGrath Street, just a few blocks from the 101 Freeway via Telephone Rd. The business park and adjacent community include numerous corporate neighbors, retail amenities and executive housing. The building consists of 19,735 sq. ft. of rentable space, which includes 17,920 sq. ft. of ground floor space and 1,815 sq. ft. office mezzanine. It is situated on a 1-acre parcel of MPD zoned land. The property is currently 100% leased to 3 tenants: Ventura Jubilee Fellowship, Jim Gill Flooring and Liminal Church of Ventura.
Jubilee is the largest occupant of the building, at just under 10,000 sq. ft. They have invested heavily in improving and upgrading their suite. The space is 90% air-conditioned and was recently painted with new carpeting installed. Jim Gill Flooring occupies the smallest suite in the complex, Unit J, a traditional office warehouse combination with two loading doors. At the opposite corner of the building is Liminal Church which leases 6,500 sq. ft. Their suite includes the 1,815 sq. ft. office mezzanine and has 2 loading doors.
1956 Palma Drive is truly a rare opportunity to acquire an investment grade property in a mature industrial market with strong demand for multi-tenant industrial space. Priced well below replacement cost, this 100% leased investment offering presents immediate cash flow, short/near term upside, and multiple avenues to reposition into smaller suites or even a partial owner occupant configuration.