CAMARILLO, CA – Aug. 19, 2013 – A 68,608-square-foot industrial building here sold to an owner-user after multiple offers were received on the property, according to the Lee & Associates-LA North/Ventura team of Principals Grant Fulkerson and Grant Harris and President Mike Tingus, who represented the buyer and seller in the transaction.
The building, at 670 Pancho Road and 4545 Calle Alto in Camarillo, CA, sold for $5,660,160, to Hi-Temp Insulation, Inc., makers of innovative thermal and acoustical products for the aircraft, missile and space industries.
“We realized early on in our marketing efforts that the building was in high demand,” said Fulkerson, “and the competition resulted ina sale price that was very close to asking.”
Hi-Temp Insulation, which already operates in two adjacent properties, acquired the new building to satisfy its growth while creating a campus environment for its headquarters operation.
The Lee team was also asked to assist with a timing issue stemming from the needs of the existing tenant and arranged a six-month extension between the tenant and seller, AltoCo., a mutually beneficial arrangement that allowed Hi-Temp to occupy a portion of its new facility under the timetable it required while giving the existing tenant the time it needed to vacate the premises.
About Lee & Associates® - LA North/Ventura, Inc.: Lee & Associates-LA North/Ventura is a member of theLee & Associates® group of companies, the largest broker-owned commercial real estate provider in the nation, with 48 offices in California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas and Wisconsin. We provide industrial, office, retail and multifamily/investmentservices across the San Fernando Valley, Conejo Valley, Antelope Valley and throughout Ventura County. For more information, visit our website at www.lee-associates.com.