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2/24/20
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Two free-standing industrial buildings totaling 733.8k sf of space in Camarillo sold for a combined price of $88 mil ($120/sf). The facilities were sold by STAG Industrial Inc, who acquired them in 2014 for $54.5 mil.
One of the buildings is located at 3001 Mission Oaks Blvd and totals 308.8k sf. The building features 28- to 30-foot clearance, 23 dock-high positions with the potential for 15 additional doors, a 14.5k sf office space, ESFR sprinklers and ample parking.
The other building, totaling 425k sf, is located at 3175 Mission Oaks Blvd and features 30- to 35-foot clear height, 31 dock-high loading doors, 19.7k sf of office space, ESFR sprinklers and parking.
John DeGrinis, Patrick DuRoss and Jeff Abraham with Newmark Knight Frank represented STAG, a real estate investment trust focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. DeGrinis, DuRoss and Abraham, along with NKF colleagues Kevin Shannon, Jim Linn, Bret Hardy and Andrew Briner repped the buyer, an undisclosed Southern California-based real estate investment and development company.
“We actively marketed this site to tenants and brokers throughout the Los Angeles region knowing that a project of this size is difficult to find anywhere in the basin,” noted DuRoss. “We had multiple offers on the buildings from distribution-related companies due to the property’s modern delivery features that are becoming increasingly difficult to find in the North LA market, which carries a 1.6% vacancy rate.”
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