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2/14/22
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Aquastar Pool Products Inc acquired an 83.4k sf industrial building in Ventura for $11.05 mil, or $132 per square foot. The property, located at 4544 McGrath St, was sold by Pacific Prime Properties.
The property was built in 1985 and is situated on a 4.44-acre lot. The building features 12.2k sf of office space, extensive electrical distribution, clear heights ranging from 14 to 25 feet, three grade-level loading doors and a 3.07-per-1,000-square-feet parking ratio. It also offers immediate access to the 101 Freeway and proximity to numerous retail amenities.
John DeGrinis, Patrick DuRoss and Jeff Abraham with Newmark represented the seller in the transaction. The buyer was repped by Alex Olsen of The Becker Group Inc.
“After leasing the building earlier in 2021, Aquastar Pool Products exercised its option to purchase, making this a highly beneficial transaction for all parties involved,” said DuRoss. “The previous occupant of the buildings was a manufacturer that relocated out of state.”
According to Newmark Research, the Los Angeles industrial market totals 1.05 bil sf and had the second-lowest industrial vacancy rate in the U.S., at 1.2% as of the third quarter of 2021. Its vacancy rate has remained below 3.0% for 38 consecutive quarters. During the third quarter of 2021, quarterly net absorption totaled 3.4 msf, exceeding new construction deliveries by 131%. The Los Angeles North market was poised to lead absorption gains during the fourth quarter, as Amazon completes tenant improvement work on its new 1.5 msf Oxnard facility.
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