1690 Universe Circle @ Rose Avenue 1690 Universe Cir

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 is located on a valuable 2.2-acre lot at the corner of Emerson and Rose Avenue in central Ventura County. Most recently, it was the former Veterans Administration Medical Center, leading to a full renovation in 2016/2017. The entire ground floor with 20,000 SF is available. The original user was a trade school, followed by the VA Medical Clinic. This is an ideal opportunity for a move-in ready medical/professional office user or a flex user with only minimal tenant improvement 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 a large lobby/reception, an X-ray room, a conference room, 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 the corporate neighbors, amenity access, and arterial connectivity inherent to most master-planned professional campuses. In addition to those locational advantages, it is in a US Designated Opportunity Zone for possible tax benefits and has highly 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 three-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, while the greater Ventura County market as a whole saw weaker indicators. 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.