CBRE Group this week announced the sale of an industrial building in Ventura to Patagonia Works, the holding company for Patagonia.
The amount of the transaction was undisclosed.
CBRE’s Jim Meaney, Doug Shaw, Paul Farry and John Cardona represented the seller, RDKJV Campus LLC.
The property is located at 5301 N. Ventura Ave. and sits on 7.87 acres of land. It has 68,000 square feet of offices, classrooms, warehouse soundstages, post production and screening rooms.
“This building is a one of a kind property in our market,” said Meaney. “As a former school, engineering headquarters, movie studio, and then Brooks Institute of Photography site, the quiet, secluded setting required a unique user.”
According to CBRE research, rental rates in the area are expected to climb an additional 6.3 percent by the first quarter of 2018
“The West Ventura County industrial market continues to strengthen due to local growth as well as new companies migrating into the area from the San Fernando Valley,” Meaney said. “The Greater Los Angeles industrial market started off strong in 2017.”
The purchase coincides with Patagonia’ plan to remodel or replace a 15,558-square-foot building on West Santa Clara Street in Ventura. Plans call for the replacement of the two-story building with one four stories tall, totaling 48,781 square feet.
The Business Times previously reported that Ventura’s Planning Department Design Review Committee recommended approval of the plan for the light industrial space, saying its architecture reflected that of the Great Pacific Ironworks building Patagonia currently occupies across the street. But Patagonia requested a continuance without specifying when it would revisit the project.
• Contact Joshua Molina at [email protected]