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12/14/18
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In the Ventura County city of Camarillo, a portfolio of three industrial buildings totaling 149.8k sf of space, sold for $24.5 mil ($164/sf). The individual properties that comprise the portfolio include an 81.2k sf building at 1250, 1260, and 1270 Avenida Acaso, a 31.4k sf building at 1199 and 1221 Avenida Acaso, and a 37.2k sf building at 4098 Calle Tesoro.
The three buildings, which are within a multi-tenant industrial complex, include 51 units that are leased to a diverse mix of 29 tenants. This includes manufacturers, warehouse distribution users, cold storage and agriculture users, electronics, solar, and service businesses.
Mitch Conlee with DAUM Commercial Real Estate Services represented the seller, Marcus Adams Properties, a private investor with offices in Ventura and Los Angeles. Tim Foutz of NAI Capital repped the buyer, a family trust, in the transaction.
The Ventura County industrial vacancy rate remains in the tight 2% range, where asking rents have increased 7.1% year-over-year in Q3 2018, according to a recent DAUM report.
“These buildings are an excellent addition to the buyer’s portfolio,” says Foutz. “The assets present built-in cashflow and strong future investment potential, as well as a prime location with direct access to the 101 Fwy. This transaction was a win-win for both the buyer and the seller.”
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