Camarillo center sells for $59M
The ninth-largest office park in the Tri-Counties has been sold for $59.1 million.
The 1.2 million-square-foot Mission Oaks Corporate Center in Camarillo was purchased by Rexford Industrial, a Los Angeles-based real estate investment firm that lists several smaller industrial properties in Oxnard, Simi Valley and Camarillo in its Southern California portfolio.
CBRE Group announced the sale, saying the three-building park has “significant, long-term upside potential.” Major tenants at the Mission Oaks Boulevard property are Deckers Outdoor Corp., the Goleta-based footwear firm, which leases two of the buildings for a total of 732,606 square feet, and Technicolor, which leases 455,709 square feet of the park. In total, the property is 74 percent occupied.
Commercial real estate brokers Barbara Emmons, Darla Longo, Mike Kendall, Doug Shaw, Paul Farry and Jim Meaney of CBRE negotiated the deal for the seller.
“This was a unique opportunity for an investor to acquire a critical mass of industrial product that offered a combination of long term tenancy with strong companies and significant upside in a Southern California market with barriers to entry,” Emmons said in a news release.
The sale is one of the largest commercial property deals in Ventura County in recent years. The Mission Oaks center is the third-largest office park in the Ventura-Oxnard-Camarillo corridor, according to the Business Times’ annual survey, which ranks the parks by square footage.