Westcore Properties has acquired a 114,556-square-foot, light-industrial building at 6100 Condor Drive in Moorpark, California from Ventura-based Marcus Adams Capital, LLC for $13.8 million. The 24-foot, clear-height building, sitting on a 4.98-acre site, is fully occupied by two tenants. An adjoining 2.55-acre vacant parcel, also included in the sale, is zoned for industrial development.
“We plan to actively manage this property for the long-term benefit of the existing tenants,” said Mike Metzger, director of acquisitions for Westcore Properties. “Additionally, we will explore ways to unlock value on the adjacent, 2.55-acre, freeway-fronting parcel through entitlement and potential development.”
Ryan Plummer and Bret Hardy of Newmark Knight Frank represented Marcus Adams Capital in this transaction, while Westcore represented itself.
“The property provides Westcore Properties with a steady rental income stream with full occupancy, while the adjacent vacant land provides the potential either to develop an additional industrial facility or expand the existing building,” said Hardy.