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Avison Young brokers $5.87 million acquisition of industrial property in Oxnard, CA13 Aug 2020
Los Angeles – Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has brokered the approximately $5.87 million acquisition of a 40,216 square-foot (sf) industrial facility situated on 3.66 acres of Heavy Industrial Zone land located at 650 Buena Vista in Oxnard, CA. The property is fully occupied by WestRock, an American corrugated packaging company.
Avison Young Principal Patrick Barnes along with Paul Clark who are both based in the company’s downtown Los Angeles office, represented the buyer, a private 1031 exchange buyer. The seller, Pacific Industrial, is a Long Beach-based investment firm that focuses on the acquisition and development of industrial real estate.
“Our client was looking for a quality industrial investment in California to diversify their portfolio,” said Barnes. “We were successful in sourcing this off-market transaction to satisfy our client’s 1031 exchange.”
Barnes added, “This property is occupied by a company that services farmers’ packaging needs throughout the Oxnard area. Historically, the Oxnard agriculture industry has been recession-resistant, making this a stable investment for the new ownership.”
Built in 1962 and renovated in 2020, the property features a fully fenced and paved yard and is situated on 3.66 acres. It includes a 36,916-sf industrial building and a 3,300-sf office building. The industrial building offers 20’ foot clear height, cooler space for agricultural products, two dock-high doors, three grade-level doors and excess land area for outside storage.
This transaction marks the Maling-Barnes Investment Team’s eighth closing since the COVID-19 crisis hit.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its Principals. Founded in 1978, with legacies dating back more than 200 years, the company comprises thousands of real estate professionals in more than 100 offices around the world. The firm’s experts provide value-added, client-centric investment sales, leasing, advisory, management and financing services to clients across the office, retail, industrial, multi-family and hospitality sectors.
Avison Young is a 2020 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
• Darcie Giacchetto, Places Public Relations: 949.278.6224