Class A Asset Renovated by Transwestern Fully Leased to Amazon
March 11, 2022
LOS ANGELES – Transwestern Development Company (TDC®) announces the disposition of 6000 Condor Drive, a 202,421-square-foot distribution center in Moorpark, California. TDC sold the asset, which is 100% leased to Amazon, for $50.7 million after completing interior and exterior upgrades to the existing facility and acquiring a two-acre adjacent parcel for additional parking.
“TDC’s renovation of 6000 Condor Drive coupled with strong market fundamentals positioned the property for success,” said Steve Batcheller, Regional Partner – West at TDC.
The distribution center is in proximity to U.S. Route 101 and California State Routes 118 and 23.
According to Transwestern research, Los Angeles reported the tightest vacancy (1.6%) among all major U.S. industrial markets at year-end 2021, with Ventura registering vacancy below 1%. Asking rents in the region grew 21.9% year over year.
“The Ventura submarket is extremely supply constrained with few available infill sites,” said John Privett, Partner – West at TDC. “New ownership will benefit from acquiring an irreplaceable asset with a high-quality tenant in one of the country’s most strategic logistics market.”
At present, 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. Transwestern Real Estate Services provided Asset Services for the property.
Photo available here.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $9.07 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, and investment management. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.