A nearly 4-acre parcel of land in Oxnard has sold to a buyer aiming to build a distribution warehouse, according to Daum Commercial Real Estate Services of Los Angeles.
E&E Trust bought 3.84 acres at 500 N. Elevar St. at the corner of Elevar Street and Camino Del Sol within the McInnes Ranch Business Park for an undisclosed amount, Daum said. The entity plans to construct a 52,500-square-foot warehouse with 30-foot clear height, dock-high loading doors, and large aprons and truck courts. The site is close to locations of Northrup Grumman Corp. and avocado grower Mission Produce.
The intent is to accommodate growing needs by the e-commerce industry, Daum said.
Mitch Conlee, executive vice president at Daum’s Ventura County office, negotiated the deal on behalf of E&E Trust and the seller, a developer. Having brokered several deals in the business park, Conlee said the local market had only a 2.7 percent vacancy at the end of 2016.
“This parcel is five minutes from the 101 Freeway in a market with low vacancy and very little state-of-the-art competition, Conlee said. “The planned development will be in a strong position to meet ongoing demand for new product.”