The 242,101-square-foot building is largest industrial property to ever change hands in Simi Valley
Lee & Associates LA North/Ventura’s President Mike Tingus and principals Joe Jusko and Grant Fulkerson, SIOR, have negotiated the sale of the Topaz Business Park, a six-unit industrial building in Simi Valley, to Rexford Industrial for $46,411,312.
The 242,101-square-foot asset is the largest ever sold in the submarket.
Lee & Associates represented both Rexford Industrial and the seller, 2280 LLC, in the sale. The broker team also handled leasing for the previous owner/user, Topaz Distribution, and guided the asset to 100 percent occupancy just two months ago.
Topaz Distribution purchased the asset 10 years ago for $14 million and added 40,000 square feet of rentable building footprint during a 2015 renovation. The property reached full occupancy as the pandemic continued to drive unprecedented market growth in Simi Valley and set the stage for a sale that was almost unimaginable before the pandemic.
“The Ventura industrial market has experienced more growth since the pandemic than during the 13 years that preceded the first cases of COVID-19 in California. Even as the pandemic loosens its grip, there remains incredible demand that the marketplace can’t absorb. The result was a win-win for both the buyer, who expanded its footprint in the market, while the seller’s profit exceeded $32 million,” Tingus said.
Rexford Industrial, a leading industrial real estate firm in Southern California, plans to hold the property as an investment and establish market rents. With few industrial investment opportunities and historically low vacancy rates, the stabilized building is a difficult-to-find entry point in the supply-strapped Ventura market.
Though new inventory is in the construction pipeline, only 114,000 square feet of new inventory has been delivered in the Ventura County market during the first three quarters of 2021.
Topaz Distribution continues to occupy about 51,000 square feet of space on the property. Other tenants include Tire Hub, Sooner Express, Frontline, Derma E, and Lifetech Resources.
About Lee & Associates – LA North/Ventura, Inc.
Celebrating over 40 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in North America with locations across the U.S. and Canada. With more than 900 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional, and national level. Lee & Associates-LA North/Ventura, Inc. provides industrial, office, retail, and multifamily/investment and development land brokerage services across the San Fernando Valley, Conejo Valley, Antelope Valley, and throughout Ventura County. For more information, visit lee-associates.com or follow us on Facebook, LinkedIn, and Twitter.com.
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