The property, which was 94% occupied at time of sale, has been acquired for $13.8 million. Known as Stone Creek Plaza, the complex consists of three buildings. They are located at 195, 275 and 325 E. Hillcrest Dr.
The seller, Pacifica Capital Group, was represented by Grubb & Ellis. A CB Richard Ellis team consisting of Michael Slater and Tom Dwyer acted on behalf of the buyer, Santa Barbara-based Sima Management Corp.
Office vacancies in this region may increase in the months ahead, as Ventura County's unemployment rate has already risen slightly in the new year. The county's unemployment rate has risen 0.4% at the first of the year, increasing from 5.0% in December 2001 to 5.4% in January 2002. However, Ventura's unemployment level still weighs in below the state's unemployment rate, which has risen from 5.8% in December 2001 to 6.7% in January 2002.
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