Newmark 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 Newmark’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 Newmark 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.”
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