A $54.5 million deal for two industrial buildings in Camarillo is one of the biggest transactions to hit the South Coast real estate market this year.
The Mission Oaks Corporate Center, home to Deckers and Addison Behavioral Resources warehouses, was recently sold by a joint venture between Rexford Industrial and Dune Real Estate Partners to an undisclosed buyer.
“This is one of the largest transactions this market has seen in some time,” CBRE Vice Chairman Darla Longo, said in a statement. “It represented an excellent opportunity to acquire a critical mass of core stabilized product in the desirable Southern California market.”
The more than 730,000-square-foot property is located at 3001 and 3175 E. Mission Oaks Blvd. and sits on 38.9 acres.
3001 E. Mission Oaks Blvd. is a 309,500 square feet industrial warehouse distribution building with features including 28-foot clearance, 25 dock high positions and one ground level door. There is additional land behind the building that can be used for trailer storage, a staging area, additional parking, or building expansion.
3175 E. Mission Oaks Blvd. is a Class A, 423,106-square-foot warehouse building. The features include 30-foot to 35-foot clearance, 30 dock high positions, two ground level doors, and an ESFR fire protection system.
While Ventura, Oxnard, Simi Valley and Thousand Oak, have had more success in the industrial market with lower average vacancy rates over the last several years — between 2 percent and 6 percent — Camarillo has struggled to gain ground with an average vacancy rate of around 8 percent. The city’s vacancy factor has increased 1.1 percent over the last 12 months, though a major factor continues to be the mostly vacant space at the former Technicolor Campus.
CBRE Senior Vice President Paul Farray, First Vice President Doug Shaw and First Vice President Jim Meaney represented both the buyer and seller in the transaction.