Real estate investor buys $16.5M Venoco HQ in Carpinteria

A South Coast investor has purchased Venoco’s 50,955-square-foot headquarters building in Carpinteria. The property at 6267 Carpinteria Ave. was purchased by real estate investor Victor Schaff for an undisclosed amount. The property was listed by Hayes Commercial Group for $16.5 million.
Denver-based oil and gas company Venoco has leased the glass-and-steel building, which sits on the bluffs overlooking the ocean, since 2004. Hayes Commercial said the property was sold as a triple-net leased investment, with Venoco executing a 10-year lease extension.

The commercial real estate firm said the deal represented the highest-value office property ever sold in Carpinteria and that Schaff is the largest owner of office properties in Carpinteria.

Greg Bartholomew, Stephen Hayes and Francois DeJohn of Hayes Commercial Group represented the seller. Bob Tuler, Paul Gamberdella and Gene Deering of Radius Commercial Real Estate & Investments represented the buyer in the deal negotiations.

“Adding this unique office building to my portfolio speaks of my great confidence in the Carpinteria and South Coast office market,” Schaff said in a statement. “I’m very pleased to have Venoco staying on as a long-term tenant in Carpinteria.”

In a news release, Bartholomew noted that investors from around the country expressed interest in the property.