Marcus Adams Properties has purchased 205,669 square feet of space in the Flynn Road Industrial Park in Camarillo for $23.4 million.
The Ventura-based firm said it bought six multi-tenant and two single-tenant industrial buildings in the business park. The properties were 96 percent leased with a total of 28 tenants at the time of the sale, the company said.
Marcus Adams said it’s been interested in buying the buildings for 15 years.
“Our first attempt to acquire three of the buildings was in 1999,” Craig Marcus, managing partner of Marcus Adams, said in a news release. “We recognized the value of these buildings in the extremely strong Camarillo market.”
The properties were constructed between 1986 and 1999 by an area developer and have remained in the original family’s ownership and management since construction. Marcus adds
“Very rarely do we have the ability to purchase a concentration of high-quality properties in an A+ location directly from the original developer,” Marcus said in a statement.
Mitch Conlee of Daum Commercial Real Estate represented Marcus Adams in deal negotiations and Sam Wagner of TOLD Partners represented the seller, who was not disclosed.
Marcus Adams said the acquisition brings its industrial real estate portfolio to more than 2 million square feet. The firm invests in commercial property in Ventura and Los Angeles counties.