Xebec Sheds SoCal Industrial Property for $50M
By Nick Trombola July 15, 2024 5:41 pm
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St. Louis-based private equity firm ElmTree Funds has paid $50 million for an industrial property in Simi Valley, Calif., according to data provider Trepp.
ElmTree acquired the 140,508-square-foot property at 2401 North Chain Drive from Xebec, a privately held real estate firm with nearly 15 million square feet of industrial space in development. Other details of the deal were not disclosed.
Representatives for ElmTree and Xebec did not immediately respond to requests for comment.
ElmTree’s newest property is in Ventura County, just south of the Madera Road interchange of Highway 118 and about 40 miles northwest of Downtown Los Angeles. The Ventura County area is seeing a cooling industrial market similar to neighboring Los Angeles County and the Inland Empire region.
Ventura County saw its fourth straight period of negative net absorption in the second quarter this year, according to a report by Kidder Mathews. The vacancy rate is now 3.4 percent, which is low compared to competing markets but still above the extreme low of 1.6 percent it saw just two years ago.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
