Multi-Tenant Ventura County Industrial Park Purchased for $9.6 Million
Hueneme Road Industrial Center Transfers Ownership for the First Time Since Development 30 Years Ago
Colliers International has negotiated the $9.6 million purchase of the multi-tenant Hueneme Road Industrial Center in Oxnard, marking the first time since the center was built 30 years ago that it has changed ownership, according to company officials.
Located along heavily-trafficked Hueneme Road and Perkins Road, with direct access to the Ventura Freeway (US 101) and Pacific Coast Highway (US 1), the 23-unit center was purchased from a private family trust by Los Angeles-based Rexford Industrial Realty Inc. (NYSE:REXR), a publicly traded real estate investment trust specializing in the acquisition, ownership and operation of industrial properties located in Southern California.
Both Rexford Industrial and the private investment seller were represented in the transaction by Colliers Senior Executive Vice President John DeGrinis, SIOR; Vice President Patrick DuRoss, SIOR; and Associate Vice President Jeff Abraham, all based in the brokerage firm’s Encino offices.
Totaling 86,904 square feet on a 7.39-acre parcel, the development was built in 1985 and, since that time, has experienced nearly full occupancy. Its 23 units measure approximately 3,600 square feet and each has its own rear, fenced concrete yard, a major draw for potential tenants, according to Abraham.
“Another draw for tenants is the fact that the development is strategically located near the deep-water Port of Hueneme,” said Abraham. “Perhaps the most important reason, though, for its success over three decades is the fact that each unit has its own private fenced yard area. There just are not that many industrial parks within all of Southern California that have this attribute for smaller industrial units.”
Additionally, the average length of tenant occupancy at the park is 12 years, which demonstrates the strong demand factor for this type of multi-tenant industrial product, DeGrinis added.