OXNARD, Calif. (August 3, 2022) – 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 of a newly developed 68,650 square-foot industrial distribution building in Oxnard, Ventura County, California, on behalf of the lessor.
Mitchell Conlee, an Executive Vice President at DAUM Commercial, represented E&E Trust, a private investor and developer, and secured Robert Mann Packaging as the lessee prior to the building’s completion.
“Our client was seeking to leverage the high demand for warehouse and distribution space, along with an unmatched location within Ventura County, to secure a quality tenant for their state-of-the-art development,” explains Conlee, who notes that the building is located within the McInnes Ranch Business Park, the top industrial business park in Oxnard. “The property is strongly suited to the tenant’s operations, with strategic positioning near the 101 Freeway and offering access to local ports.”
Conlee adds that according to a recent DAUM report, the Oxnard/Port Hueneme submarket is seeing incredibly tight direct industrial vacancy rates of 0.64%.
“With this lease, the tenant is able to occupy a rare available new asset in the market and expand from its current Oxnard location, while the owner was able to achieve rents above asking rates,” says Conlee. “The quality of construction and functionality of this development made the property very attractive to potential tenants. We evaluated several offers before strategically advising our client on selecting this lessee.”
DAUM also previously represented E&E Trust in the acquisition of the development site and has completed several additional industrial transactions in McInnes Ranch Business Park and the surrounding areas.
“Industrial users are hungry for efficient locations and desire new product in the market with more innovative building design, which our client had the foresight to deliver at this critical time of growing demand,” Conlee continues.
The property features 30-foot minimum clear height, eight dock-high loading doors, two grade-level loading doors, high pile material storage, and an ESFR building sprinkler system, as well as large aprons and a secure truck court.
Bart Reinhard of JLL represented the tenant in the lease transaction. The total consideration of the 5-year lease is approximately $3.9 million.
The building is located at 500 North Elevar Street, at the corner of Elevar Street and Camino Del Sol, on a site spanning 3.4 acres.
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.