The three-story facility, locally known as the Santa Barbara Bank & Trust Building, is located at 789 S. Victoria Ave. Major tenants include the Santa Barbara Bank & Trust, the County of Ventura and the law firm of Beach, Proctor, McCarthy and Slaughter.
The transaction follows a recent acquisition by the buyer, Daily Family Trust, of another facility on South Victoria Avenue. That three-story office building stands at 1190 S. Victoria Ave.
The seller was Friedrich Living Trust. Bill Kiefer, Alex Woronovich and Eric Behlke of NAI Capital Commercial represented both the seller and the buyer in the transaction.
The county has seen increased activity in the office market in recent weeks, but some local real estate experts still predict troubling times ahead. A recent report by Grubb & Ellis says the county's office market experienced a negative net absorption of 278,000 sf in the first quarter alone and predicts that the vacancy rate will continue to rise as the year progresses.
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