Sunbelt Shedding Inventory at a Fast Pace in SoCal
- Jun 22, 2015
Last year, Sunbelt Enterprises LLC orchestrated an initiative to move a substantial amount of its commercial real estate portfolio. The company started by naming Robert Griffith and Rick Scheckter, both Executive Managing Directors with NGKF Capital Markets, in charge of that effort. Since then, Sunbelt completed the sale of a considerable amount of the space it put up for sale, culminating with the recent sale of six properties totaling more than 1.1 million square feet of space in SoCal and Las Vegas.
The rundown of properties sold by the company over the past half-year in Southern California is as follows:
- Recently sold Packing House Square property at 18200 Yorba Linda Boulevard in Yorba Linda: a Class A, seven-building office and asset totaling 146,700 square feet of space; acquired by PRES Companies
- The Moorpark Town Center in Moorpark, CA: a retail property totaling nearly 140,000 square feet of space, 12 percent of which is currently vacant; acquired by Retail Opportunity Investment Group.
- Six multi-tenant industrial properties in Oxnard were sold to Rexford Properties. The assets had an average occupancy rate of 94 percent.
- A different mini-portfolio of industrial assets was acquired by Prudential. Six of the seven single tenant buildings totaling 393,000 square feet of space were occupied at the moment of the sale.
Other Sunbelt Enterprises assets awaiting deals in California are three single-tenant industrial buildings in Moorpark that offer a total of 283,000 square feet of space. The company is also selling three land parcels in Oxnard along the 101, a total of more than 20 acres. Five fully occupied multi-tenant buildings in Ventura County are also up for sale.