Home > Media Center > Press Releases Detail

Press Releases

SHARE:

Newmark Knight Frank Arranges Sale of Two Industrial Buildings Totaling 733,819 Square Feet in Camarillo, Calif. for $88 Million

Los Angeles, CA (02/20/2020)

11:50 AM

Newmark Knight Frank (NKF) is pleased to announce the sale of two free-standing industrial buildings in Camarillo, CA for a total of $88 million.

The seller, STAG Industrial Inc. (STAG), was represented by NKF's Executive Managing Director, John DeGrinis, Senior Managing Director, Patrick DuRoss and Senior Managing Director, Jeff Abraham. STAG is a real estate investment trust focused on the acquisition and operation of single-tenant, industrial properties throughout the United States. STAG purchased the building in 2014 for a combined price of $54.5 million.

DeGrinis, DuRoss and Abraham, along with Co-Head of U.S. Capital Markets, Kevin Shannon, Executive Managing Director Jim Linn, Executive Managing Director Bret Hardy and Executive Managing Director Andrew Briner of NKF also represented the buyer, an undisclosed Southern California-based real estate investment and development company.

"We are pleased with the outcome of our marketing efforts for this assignment," said DeGrinis. "The two properties are strategically located in the North Los Angeles region with tremendous access to a large population making the site ideal for a last-mile, 3PL or e-commerce-related tenant."

The first property is located at 3001 Mission Oaks Boulevard and totals 308,780 square feet. The building features 28- to 30-foot clearance, 23 dock high positions with the potential for 15 additional doors, a 14,540-square-foot office space, ESFR sprinklers and ample parking.

The second 425,039-square-foot building is located at 3175 Mission Oaks Boulevard and features 30- to 35-foot clear height, 31 dock high loading doors, 19,680 square feet of office space, ESFR sprinklers and parking.

DuRoss added, "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. 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."

About Newmark Knight Frank
Newmark Knight Frank ("NKF"), operated by Newmark Group, Inc. ("Newmark Group") (NASDAQ: NMRK), is one of the world's leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, NKF's 18,000 professionals operate from approximately 480 offices on six continents. NKF's investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

For Media Inquiries Contact:
Deb Bergman
Vice President PR and Communications
Newmark Knight Frank
T 303.260.4307