An Amazon warehouse in Ventura County has sold for $50.7 million on the heels of a redevelopment of the property.
A partnership of Transwestern Development Company, CalSTRS and Chicago-based Principal Real Estate Investors sold the Moorpark warehouse to American Realty Advisors in December, records show. Transwestern announced the deal on Friday, but did not disclose the buyer.
CBRE’s Barbara Perrier, Darla Longo and Bennett Robinson represented Transwestern on the deal.
The deal for the 202,421-square-foot warehouse closed at around $250 per square foot — higher than recent deals in the area. In December, Rexford Industrial Realty bought a 242,100-square-foot industrial building in suburban Simi Valley for $46.4 million, or around $191 per square foot.
Transwestern and its partners bought the building — built in 1988 — in 2018, records show. The firms also acquired a vacant 2.5-acre site for parking at the complex.
Amazon signed a lease on the property at 6000 Condor Drive in July, months before a renovation was completed. Transwestern, as the developer, renovated the outside and interior of the building.
The warehouse will serve as a last-mile distribution center — where products are delivered directly from the warehouse to the customer. For industrial owners, Amazon is one of the most highly sought-after tenants — with good credit and the capability of paying high rents.
The company has been working over the last two years to dramatically increase its last-mile delivery capabilities.
Since the start of the pandemic, Amazon has doubled its warehouse, last-mile and distribution real estate to more than 410 million square feet.
The deal is a pivot for American Realty Advisors, a Los Angeles-based institutional investor that has long focused on multifamily and office deals. The firm recently sold a 179,000-square-foot office property in San Francisco.