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11/22/19
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Mission Oaks Corporate Center, a 181.4k sf, high-image flex industrial building in the Conejo Valley city of Camarillo, sold for $11 mil. The building is located at 5300 Adolfo Rd, north of the 101 Fwy and east of Santa Rosa Rd, within Mission Oaks Business Park.
The two-story building offers monument signage and dock-high and ground level loading docks. It is ideally situated on 9.22 acres (401.6k sf) of land zoned LM, at the bottom of the Camarillo Grade/101 Freeway.
At the time of the sale, the building was 100% vacant, creating an excellent opportunity for a future conversion to self-storage. The former flex building historically had high vacancy rates.
James DeBuiser and Gary Cohen with Marcus & Millichap represented the buyer, a developer focused on self-storage and industrial projects, in the transaction. While the sale came in a price of $61/sf, the buyer plans to remove the 80k sf second story, which would then pencil out at $110/sf for the building’s 100k sf footprint.
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