December 18, 2018–– DAUM Commercial Real Estate Services has completed the $24.5 million sale of a portfolio of three individual buildings, totaling 149,772 square feet, within a multi-tenant industrial complex in Camarillo, California.
Mitch Conlee, Executive Vice President at DAUM’s Ventura County office, completed the sale on behalf of the seller, Marcus Adams Properties, a private investor with offices in Ventura and Los Angeles, CA. Tim Foutz of NAI Capital represented the buyer, a family trust, in the transaction.
The three buildings include 51 units which are leased to a total of 29 tenants, notes Conlee.
“When our Client decided to exit the market, we were tasked with demonstrating the significant value of this portfolio due its fully-leased status and the long-term fundamentals of the market,” explains Conlee, who notes that Ventura County industrial vacancies remain in the tight two percent range where asking rents have increased 7.1 percent year-over-year in Q3 2018, according to a recent DAUM report.
“Through completing a thorough review of all 29 leases currently at the asset, we ultimately secured a price reflective of the true value,” Conlee continues.
According to Conlee, the buildings are currently leased to a diverse mix of tenants including manufacturers, warehouse distribution users, cold storage and agriculture users, electronics, solar, and service businesses.
“These buildings are an excellent addition to the buyer’s portfolio,” says Foutz. “The assets present both built-in cashflow and strong future investment potential, as well as a prime location with direct access to the 101 Freeway. This transaction was a win-win for both the buyer and the seller.”
The individual properties that comprise the portfolio include an 81,172 square-foot building at 1250, 1260, and 1270 Avenida Acaso, a 31,391 square-foot building at 1199 and 1221 Avenida Acaso, and a 37,204 square-foot building at 4098 Calle Tesoro.