Renovated Amazon Warehouse Trades in SoCal

Transwestern Development Company renovated the 202,421-square-foot distribution center in Ventura County

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Transwestern Development Company (TDC) has packaged and shipped off an Amazon warehouse in Southern California for $50.7 million.

Property records show American Realty Advisors (ARA) acquired the 202,421-square-foot distribution center in Ventura County from California State Teachers Retirement System (CalSTRS) after TDC completed interior and exterior upgrades and added a 2-acre parcel for additional parking.

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ARA was not immediately available for comment.

CalSTRS acquired the property for $23.3 million in November 2018. It’s located at 6000 Condor Drive in Moorpark, Calif., near the 101 Highway and California State Routes 118 and 23.

According to Transwestern research, Greater Los Angeles reported the tightest vacancy among all major U.S. industrial markets at year-end 2021 at 1.6 percent, with the Ventura submarket registering vacancy below 1 percent. Asking rents in the region grew 21.9 percent year over year.  

“The Ventura submarket is extremely supply-constrained with few available infill sites,” TDC’s John Privett said in a statement. “New ownership will benefit from acquiring an irreplaceable asset with a high-quality tenant in one of the country’s most strategic logistics market.”

Amazon signed the lease last summer. The e-commerce giant and major industrial investors are dominating in Southern California. CBRE reported on Thursday that Greenlaw Partners acquired a former church in West Covina that will be converted into a warehouse for Amazon, which is under a 12-year lease for that site.

TDC has 21 industrial projects totaling 8.3 million square feet under construction, in pre-development or recently delivered nationwide, including more than 2.3 million square feet in California.

CBRE’s Barbara Perrier, Darla Longo and Bennett Robinson represented TDC in the transaction. 

Gregory Cornfield can be reached at gcornfield@commercialobserver.com.