Center Promenade Sold to Arden Realty

Ventura’s largest office complex has been sold to one of the biggest commercial office building holders in Southern California for more than $11 million.

CP Properties 1 Inc. sold the Center Promenade on Telephone Road to Arden Realty Inc. of Beverly Hills on Tuesday for $11.55 million, in what the broker called a quick sale.

“It’s the best building in Ventura County,” said Victor Coleman, Arden’s president and chief operating officer. “So any [business] that wants to be there is going to come to us first.”

With the building currently 89% occupied, Coleman said his goal is to lease at least 95% of the office space.

Jerry Pelton, managing officer of CB Commercial Real Estate Group’s Ventura office, said the sale that his office brokered signals a recovery in the county’s real estate market. “Our team was able to sell this major project in about four months.”

The 174,000-square-foot, seven-building complex is on 11.16 acres adjacent to the Ventura County Government Center.

The Center Promenade complex consists of four office buildings, two commercial buildings and a restaurant.

Arden Realty is a real estate investment trust specializing in Southern California suburban office properties. With the Center Promenade purchase, Arden now owns and manages properties totaling about 4.6 million square feet.