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Camarillo Corporate Center Sells for $59.1 Million

The Mission Oaks Corporate Center in Camarillo recently sold for $59.1 million, a deal that real estate brokers say represents the largest Ventura County industrial transaction since 2007. Sandstone Properties Inc., a Los Angeles-based private equity real estate investment company, sold the 1,188,315-square-foot industrial park to Rexford Industrial LLC, a Los Angeles-based industrial real estate firm. Officials from Sandstone and Rexford could not be reached for comment as of press time. CBRE Group Inc.’s Barbara Emmons, vice chairman in the Downtown Los Angeles office, Darla Longo, vice chairman in the Ontario office and Mike Kendall, senior vice president in the Ontario office represented the seller in the June 28 sale. Rexford Industrial did not have representation in the sale. “Deals, especially of this size, take time,” said Kendall of CBRE, which announced the transaction in a July 16 press release. “There were a number of twists and turns along the way so it feels good to get it done.” He referred questions about why Sandstone sought to sell the industrial park to the seller, which could not be reached. Founded in 1994 by Eri Kroh, Sandstone currently manages over three million square feet of office, retail and industrial properties, according to the company’s website. Sandstone’s portfolio is concentrated in Los Angeles, Orange, Ventura and San Bernardino counties. It also has holdings in Arizona, Colorado, Texas, Oklahoma, Tennessee, Florida, and Costa Rica. The Mission Oaks Corporate Center buildings are located at 3001, 3175 and 3233 E. Mission Oaks Blvd. and are 74 percent leased, according to CBRE. Deckers Outdoor leases the two buildings at 3001 and 3175 E. Mission Oaks Blvd. Technicolor leases the two buildings at 3233 E. Mission Oaks Blvd. There is 300,000 square feet of vacant space at 3233, according to CBRE’s Doug Shaw, vice president in the Ventura office, who worked on the transaction. Kendall said the buyer intends to divide up the vacant space for lease. The property went to market in the beginning of November and generated a lot of interest, Kendall said. “This sale helps to indicate a healthy market,” he said. “Rexford is a sophisticated investor and it’s a large investment in Camarillo. It’s a positive sign for the rest of the market.” Rexford specializes in the acquisition, development, revitalization and repositioning of industrial properties throughout the Western U.S., according to information on its website. Valley Accounting Firm Moves Accounting firm King, King, Alleman & Jensen is moving its Burbank office, occupied since 1984, to Valencia. “Santa Clarita is a great area to do business in — it’s a vibrant community,” said Partner Dennis King. “For long term business planning and strategy, a lot of the younger staff are moving there and they want to live where they work.” In August, the firm will occupy about 4,500 square feet at 27200 Tourney Road. King, King, Alleman & Jensen was represented by Lisa Rediger of Rediger Investment Corp. Arden Realty, which owns the Valencia property, was represented by Kevin J. Fenenbock, senior vice president of brokerage services for Colliers International in Valencia and Encino. Auto Center Sells for $4.2 million NAI Capital recently closed a $4.2 million retail deal on 1.83 acres in Granada Hills, the company said in a statement. Ziv Kozaski and Michael Dixon represented the seller, Creative Video Logic Inc., and the buyer, Carmel Investors Inc., in the purchase and sale of a 22,734 square-foot space located at the Knollwood Auto Center at 11918-12000 Balboa Blvd. After the short sale, the buyer intends to keep his current tenants, mostly auto companies, and lease the remaining space. “This automotive center, which was 95 percent occupied, provided an investor excellent cash flow while offering the opportunity to benefit from future upside by leasing up the vacant space,” Kozaski said. Marcus & Millichap Sells Complex Marcus & Millichap Real Estate Investment Services recently sold a 57-unit apartment property in Van Nuys for $7.2 million, according to Adam P. Christofferson, first vice president/regional manager of the Encino office, in a statement. The property at 6633-6643 Woodley Ave. was sold by Harborco LLC to Metric Holdings. Clyde Isaacson, an investment specialist in the Encino office, represented both sides. About 80 percent of the property consists of two-bedroom units. Staff Reporter Leah Gillis can be reached at (818) 316-3124 or via e-mail at [email protected].

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