Lee & Associates-LA North/Ventura Transacts 58,825-SF Industrial Investment Sale
Property Attracts Multiple Offers Before Selling for $6,250,000
NEWBURY PARK, CA – May 29, 2014 – A private investor has acquired a three-building industrial property totaling 58,825 square feet for $6,250,000, according to Lee & Associates-LA North/Ventura President Mike Tingus and Principal Grant Fulkerson who represented the seller in the transaction.
The multi-tenant property, located at 889 Mitchell Road, 2450 and 2456 Teller Road in Newbury Park, CA, was fully leased at the time of sale to Auctions in Motion, which occupies two of the buildings totaling 48,050 square feet, and Eddie’s Towing, which occupies a 10,775-square-foot building.
“Occupied NNN leased industrial buildings that sit on their own parcels are very rare in this region,” said Fulkerson, “and we had significant activity immediately upon listing the property as a result.”
Demand for industrial investments has been growing nationally due to the strength of the sector. Vacancy rates in the Newbury Park/Thousand Oaks submarket were just 5.5 percent as of the first quarter of 2014. Additionally, the property has numerous sought-after features including fenced and secured yards and parking areas and high clearance as well as a location close to corporate headquarters including Amgen and Baxter.
The brokers received multiple offers, and the sale was executed at a 5.7 percent cap rate.
The seller was SDG Mitchell Associates. The buyer, Wilmington Harbor Properties LP, was represented by Bradley Gibbons with Commercial Property Group, Los Angeles.