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10/15/18
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There were two recent land transactions in Ventura County that totaled nearly $11 mil. The deals encompass the sale of a 2.52-acre land parcel to the City of Camarillo for affordable and market-rate multifamily development on behalf of the seller, and the acquisition of 109.5 acres of agricultural land in Oxnard on behalf of the buyer.
In one deal, the City of Camarillo purchased a 2.52-acre infill site on which the city intends to construct affordable ad market-rate housing. The property was sold by Building Materials and Construction Solutions (BMC), a building supply and services company.
The land parcel, located at 2800 Barry St, sold for $3.6 mil. DAUM’s Shaun Bieniek and Michael Wurtzel represented the seller in the deal. According to Wurtzel, the site had been a lumber yard since the early 1950s, so there was some remediation necessary for multifamily development.
“This in-fill 2.52-acre site was in high demand due to the strong demographics of the Camarillo market and its close proximity to a Metrolink/Amtrak station, Old Town Camarillo, and the Arneill Road retail corridor,” explains Bieniek. “While we received several offers from self-storage developers due to the site’s M1 zoning, multifamily developers were also confident that the land could be rezoned for residential development, as other parcels in the vicinity were for recent projects.
As part of ongoing relationship with BMC, DAUM coordinated the temporary leaseback of the site until the seller was able to relocate to its new location st 2222 Hillcrest Dr in Thousand Oaks, an acquisition which DAUM also directed. DAUM also facilitated the close of BMC’s newest location at 3111 E. Main Street in Ventura, California, which is scheduled to open later this year.
In the other transaction, Olympic Sun LLC, a farmland investment firm, paid $7.3 mil for a 109.5-acre parcel is located off East Rice Road in Oxnard. We’re told this was the largest agricultural land sale in the Oxnard Plain area of Southwest Ventura County in 2018 thus far.
DAUM’s Mark Kotake brokered the deal, working with both the buyer and the seller, Del Norte Land Company LLC, which operated a strawberry farm on the site. The transaction closed within two months.
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