Lee & Associates-LA North/Ventura Transacts Sale and Lease of 115,538-SF Industrial Building
Team represents all parties as it executes two separate transactions in excess of $19 million
VENTURA COUNTY, CA – June 2, 2015 – Mike Tingus and Grant Fulkerson, principals of Lee & Associates-LA North/Ventura, executed the sale and subsequent lease of a 115,538-square-foot industrial building in two separate, interdependent transactions.
The property, at 200 Science Drive in the city of Moorpark in northeastern Ventura County west of Los Angeles, was sold to Walnut Creek, CA-based private investment company Nearon Enterprises and then leased to Benchmark Electronics (NYSE: BHE), the tenant that had been occupying the facility, for a combined consideration in excess of $19 million.
“Lee & Associates has worked with Nearon Enterprises for 15 years on a variety of existing projects,” said Tingus, who, with Fulkerson, represented the buyer/lessor, seller and lessee in the two transactions. “Although the building had not been listed for sale, we understood its value as a true manufacturing facility that had been highly improved, and we knew that it would be of interest to Nearon.”
The tenant, a leading integrated contract manufacturing provider, was considering a new location, but, as is the case with other manufacturing operations, the complexity of its business would make it expensive to relocate. The team was confident that they could retain the tenant, providing Nearon with a fully leased investment.
“San Diego County-based Hamann Companies, which had owned the property, was primarily invested in real estate in its home location, so it seemed a perfect opportunity to allow Hamann to focus in the region where it already enjoyed a substantial presence while opening up an opportunity for Nearon to acquire a quality asset leased to a quality tenant,” Fulkerson added.
The property sits at the intersection of Route 23 and the Ronald Reagan (118) Freeway, immediately across from two of the area’s major shopping centers, one of which is owned by Nearon. It includes excess land that provides expansion capabilities for Benchmark or another approximately 30,000-square-foot building, putting it directly in Nearon’s wheelhouse. Nearon, which owns and manages 3.0 million square feet of commercial real estate, also has six decades of development expertise which it has used to enhance the properties it has acquired.
The team represented both Hamann and Nearon in the sale of the property, which closed in Nov. 2014 for $9,900,000, and represented Nearon and Benchmark for the 120 month lease, which was executed at the end of May.