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3/14/22
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A 202.4k sf distribution center in the city of Moorpark , sold for $50.7 mil, or $250/sf. The facility, located at 6000 Condor Dr, is 100% leased to Amazon.
The distribution center, situated in proximity to U.S. Route 101 and California State Routes 118 and 23, was sold by Transwestern Development Company (TDC®). TDC completed interior and exterior upgrades to the existing facility and acquired a two-acre adjacent parcel for additional parking prior to the sale.
CBRE’s Barbara Perrier, Darla Longo and Bennett Robinson represented TDC in the transaction. Transwestern Real Estate Services provided Asset Services for the property. The name of the buyer was not immediately disclosed.
According to Transwestern research, Los Angeles reported the tightest vacancy (1.6%) among all major U.S. industrial markets at year-end 2021, with Ventura registering vacancy below 1%. Asking rents in the region grew 21.9% year over year.
“The Ventura submarket is extremely supply constrained with few available infill sites,” said John Privett, Partner – West at TDC. “New ownership will benefit from acquiring an irreplaceable asset with a high-quality tenant in one of the country’s most strategic logistics market.”
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