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8/14/20
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In an Oxnard industrial buy, a 1031 exchange investor paid $5.87 mil for a 40.2k sf ($146/sf) asset fully occupied by WestRock, an American corrugated packaging company. The property sits on 3.66 acres of Heavy Industrial Zone land located at 650 Buena Vista, west of Rose Ave and north of Wooley Rd.
Built in 1962 and renovated in 2020, the property features a fully fenced and paved yard and is situated on 3.66 acres. It includes a 36.9k sf industrial building and a 3.3k sf office building. The industrial building offers 20’ foot clear height, cooler space for agricultural products, two dock-high doors, three grade-level doors and excess land area for outside storage.
Patrick Barnes and Paul Clark with Avison Young represented the buyer in the off-market deal. The seller, Pacific Industrial, is a Long Beach-based investment firm that focuses on the acquisition and development of industrial real estate.
Barnes noted, “This property is occupied by a company that services farmers’ packaging needs throughout the Oxnard area. Historically, the Oxnard agriculture industry has been recession-resistant, making this a stable investment for the new ownership.”
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