CAMARILLO, Calif. (April 17, 2023) – DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has completed the lease renewals of two single-tenant commercial properties totaling 73,734 square-feet in Camarillo, California. The two buildings were leased for a total consideration of $7.11 million, according to Stuart Scott, CCIM, Vice President at DAUM Commercial.
The first transaction comprises a 48,170 square-foot flex office and research and development building. The lessee, Interconnect Systems International, a Molex Company, signed a lease renewal for an additional 10-year term and will continue to use the space for its headquarters and the design and manufacture of microelectronics. Built in 1984, the Class B industrial building is fully built out for engineering, production, and office space.
“Renewing the building’s lease on a long-term contract was of great importance to our client,” says Scott. “Drawing on our established industry connections and cutting-edge regional market analytics, we were able to negotiate a highly competitive lease renewal for the space and location. Our ability to swiftly and efficiently secure exceptional lease terms for our client presented us the opportunity to direct an additional lease transaction on their behalf.”
The second transaction consists of a 25,564 square-foot industrial building that will be used by the lessee for additive manufacturing of commercial parts. The lessee, Burloak Technologies, a division of Samuel Son & Co.Inc., signed a five-year extension and is the sole occupant of the building. The prior occupant of the site, Carpenter Technology Corp., had made substantial improvements to the property for the additive manufacturing process. Samuel Son & Co. acquired the operations from Carpenter in 2021. When the prior lease expired, Samuel sought to remain in the current space to capitalize on the site’s unique manufacturing capabilities.
In Q4, overall industrial vacancy in the Ventura County market crept up slightly from Q3 but remained low at 2.7% with rental rates averaging $1.15 (NNN), according to a DAUM report. Camarillo asking rents per square foot averaged $1.03 at the end of 2022.
“The market in the Ventura County area began to loosen in Q4 with an uptick in vacancy and a downward pressure on net absorption,” Scott says. “With both of these lessees seeking the best terms for their renewal, DAUM’s valuable research and data allowed us to highlight that the current market conditions were well suited for renewing and furthering their long-term business relationships with our client.”
Located just east of Oxnard, in Camarillo, California, the assets are conveniently positioned with access to State Route 101 and in close proximity to the City of Los Angeles and greater Ventura County.
The lessor for both properties and repeat client of DAUM Commercial, the Lackey Family LP, was represented in the lease agreements by Stuart Scott, CCIM. Interconnect Systems International, a Molex Company, was represented by Bart Reinhard of Jones Lang LaSalle, and Burloak Technologies, a division of Samuel, was represented by David Harding of Colliers International.
The office/flex research and development property leased to Interconnect Systems International is located at 741 Flynn Rd., Camarillo, California. The industrial property leased to Burloak Technologies is located at 829 Via Alondra, Camarillo, California.
About DAUM Commercial
DAUM Commercial Real Estate Services is a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales and property management. Founded in 1904, DAUM focuses on longstanding client relationships and draws upon its century-long track record to deliver steadfast insights and proven results to clients across the U.S. DAUM has 11 offices throughout Southern California and Arizona.
