Newmark : Arranges Sale of Industrial Building in Ventura, California for $11 Million

January 26, 2022 9:00 AM

Newmark[1] announces it has facilitated the sale of 4544 McGrath Street, an 83,446-square-foot industrial building in Ventura, California for $11.05 million, or $132 per square foot.

Newmark Vice Chairman John DeGrinis, Executive Managing Director Patrick DuRoss and Senior Managing Director Jeff Abraham represented the seller, Pacific Prime Properties, a privately held Los Angeles-based real estate investment firm that focuses on industrial, R&D, medical office and retail properties. This represents the third transaction the Newmark team has completed with the seller to date. The buyer, Aquastar Pool Products, Inc. was represented by Alex Olsen of The Becker Group, Inc.

"After leasing the building earlier in 2021, Aquastar Pool Products exercised its option to purchase, making this a highly beneficial transaction for all parties involved," said DuRoss. "The previous occupant of the buildings was a manufacturer that relocated out of state. It was great to structure this transaction with another manufacturer that is expanding and keeping these types of jobs here in Ventura County."

The general industrial property was built in 1985 and is situated on a 4.44-acre lot. The building features 12,213 square feet of office space, extensive electrical distribution, clear heights ranging from 14 to 25 feet, three grade-level loading doors and a 3.07-per-1,000-square-feet parking ratio. It also offers immediate access to the 101 Freeway and proximity to numerous retail amenities.

According to Newmark Research, the Los Angeles industrial market totals 1.05 billion square feet and had the second-lowest industrial vacancy rate in the U.S., at 1.2% as of the third quarter of 2021. Its vacancy rate has remained below 3.0% for 38 consecutive quarters. During the third quarter of 2021, quarterly net absorption totaled 3.4 million square feet, exceeding new construction deliveries by 131%. The Los Angeles North market was poised to lead absorption gains during the fourth quarter, as Amazon completes tenant improvement work on its new 1.5-million-square-foot Oxnard facility.

[1] Dba Newmark Knight Frank in California

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.5 billion for the trailing twelve months ending September 30, 2021. Newmark's company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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