Westcore Properties has acquired a 114,556-square-foot, light-industrial building at 6100 Condor Drive in Moorpark, California from Ventura-based Marcus Adams Capital, LLC for $13.8 million.
The 24-foot, clear-height building, sitting on a 4.98-acre site, is fully occupied by two tenants. An adjoining 2.55-acre unimproved parcel, also included in the sale, is zoned for industrial development.
“We plan to actively manage this property for the long-term benefit of the existing tenants,” said Mike Metzger, director of acquisitions for Westcore Properties. “Additionally, we will explore ways to unlock value on the adjacent, 2.55-acre, freeway-fronting parcel through entitlement and potential development.”
Ryan Plummer and Bret Hardy of Newmark Knight Frank represented Marcus Adams Capital in this transaction, while Westcore represented itself.
“The property provides Westcore Properties with a steady rental income stream with full occupancy, while the adjacent vacant land provides the potential either to develop an additional industrial facility or expand the existing building,”said Hardy.
The north Los Angeles market is a key area of focus for Westcore.
“With some of the most compelling demographics in the nation, limited land available for new development and a market that has 70 percent of its industrial base built more than 20 years ago, we intend to expand our portfolio in the north Los Angeles market,” said Hack Adams, senior vice president at Westcore.
About Westcore Properties
Westcore Properties is a global, entrepreneurial commercial real estate investment firm with a specialized focus in Western United States commercial and industrial properties. Since its founding in 2000, Westcore Properties and its affiliates have acquired and managed more than $5 billion in industrial and office assets, comprised of more than 850 buildings and totaling over 50 million square feet. In 2018, National Real Estate Investor ranked Westcore properties as one of the Top 50 owners of industrial real estate globally. In addition to its U.S. headquarters in San Diego, Westcore Properties has regional offices in Los Angeles; Oakland; Sacramento; and Denver, as well as satellite offices in London, England; and Lausanne and Geneva, Switzerland.