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6/17/15
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Sunbelt Enterprises LLC has recently completed six property sales totaling roughly 1.18 msf, representing more than half its 2.1 msf portfolio for sale. The properties are concentrated in the Southern California and Las Vegas regions. NGKF Capital Markets Executive Managing Directors Robert Griffith and Rick Sheckter were tapped last year to market the portfolio for Sunbelt Enterprises.
The most recent sale was the Packing House Square property, located at 18200 Yorba Linda Blvd in Yorba Linda, which was purchased by PRES Companies. The Class A asset is located across from the Richard Nixon Library & Birthplace. The seven-building office and retail property totals 146.7k sf and consists of a four-story, 96.7k sf office property that was 85 percent leased at the time of sale, along with six retail buildings totaling 50k sf that were 98 percent leased at the time of the sale.
Other assets that have sold over the past six months include:
Moorpark Town Center in Moorpark, CA: Located on a major intersection at 1 - 275 West Los Angeles Ave, the 139.7k sf retail center was sold to Retail Opportunity Investment Group. The center is anchored by Ralphs with Taco Bell and Sherwin-Williams as long-term tenants. It was 88 percent occupied at the time of sale.
Oxnard, CA industrial: Six multi-tenant industrial properties totaling 408.2k sf were sold to Rexford Properties and are located within multiple business parks in Oxnard. In aggregate, the buildings are 94 percent leased.
Oxnard, CA industrial: Seven single-tenant industrial properties totaling 393.4k sf in Oxnard were sold to Prudential. Six of the properties were fully occupied and one was vacant at the time of sale.
Las Vegas, NV office: A 92.6k sf office building located at 2100 E. Flamingo was sold to Barak Investment Group. It was 55 percent occupied at the time of sale.
In addition to the properties already in escrow, below is a list of other properties that are currently being offered for sale by Sunbelt Enterprises:
Las Vegas, NV: 95.3k sf, multi-tenant industrial property located at 4339, 4345, 4351 and 4357 Corporate Center Drive. The property is 60 percent occupied.
Moorpark, CA: Three single-tenant industrial buildings totaling 283.8k sf located at 14501 14401 and 14399 Princeton Ave. Two of the properties are fully leased, while one is vacant.
Ventura County, CA: Five fully occupied multi-tenant office buildings totaling 228k sf located at 1701 and 1801 Solar in Oxnard and 3325 - 3375 Cochran in Simi Valley.
Oxnard, CA: Three land parcels along 101 Fwy near Oxnard totaling over 20 acres.
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