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6/06/14
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A three-building, 58.8k sf industrial property in Newbury Park sold for $6.25 mil ($106/sf). The multi-tenant property is located at 889 Mitchell Rd, and 2450 and 2456 Teller Rd, north of the 101 Fwy and west of Rancho Conejo Blvd.
The property was fully leased at the time of sale to Auctions in Motion, which occupies two of the buildings totaling 48k sf, and Eddie’s Towing, which occupies a 10.8k sf building. It has numerous sought-after features including fenced and secured yards and parking areas and high clearance, as well as a location close to corporate headquarters, including Amgen and Baxter.
The buyer, Wilmington Harbor Properties LP, was represented by Bradley Gibbons with Commercial Property Group, Los Angeles. Lee & Associates-LA North/Ventura President Mike Tingus and Principal Grant Fulkerson represented the seller, SDG Mitchell Associates, in the transaction. The brokers received multiple offers, and the sale was executed at a 5.7 percent cap rate.
“Occupied NNN leased industrial buildings that sit on their own parcels are very rare in this region,” said Fulkerson, “and we had significant activity immediately upon listing the property as a result.” Demand for industrial investments has been growing nationally due to the strength of the sector. Vacancy rates in the Newbury Park/Thousand Oaks submarket were just 5.5 percent as of the first quarter of 2014.
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