Industrial Development Underway in Supply-Constrained Area
- Apr 25, 2017
E&E Trust purchased a 3.8-acre land parcel within the McInnes Ranch Business Park in Oxnard, Calif., with a view to develop a warehouse distribution building. Mitch Conlee, executive vice president at Daum Commercial’s Ventura County office, represented the buyer as well as the seller, a Southern California developer. Daum Commercial has also arranged a 6,090-square-foot lease in Westlake Village, Calif. recently, about 25 miles from Oxnard, Calif.
“The ability to market this fantastic location allowed me to provide the seller with immediate upside based on tremendous demand in this supply-constrained market, which closed 2016 at just 2.7 percent vacancy,” said Conlee in prepared remarks.
Located at 500 N. Elevar St., on the corner of Elevar Street and Camino Del Sol, the facility is about 7 miles from Port Hueneme and 9 miles from California State University Channel Islands. “This parcel is five minutes from the 101 Freeway in a market with low vacancy and very little state-of-the-art competition,” added the vice president of Daum.
“The new owner plans to develop a 52,500 square-foot distribution building with 30-foot clear height in the warehouse, dock-high loading, as well as large aprons and truck courts to accommodate the increasing traffic driven by e-commerce. The planned development will be in a strong position to meet ongoing demand for new product,” concluded Conlee.
Image via Google Earth