LOS ANGELES—Nearon Enterprises has purchased a 115,538-square-foot industrial warehouse facility in Ventura County from Hamann Companies. The property’s tenant, Benchmark Electronics, had an expiring lease at the time of the sale, however, due to the tight supply, the sales team and the buyer were confident that they would renew—and they were right. After the property sale closed, Benchmark renewed its lease. The sale and lease transaction have a combined value of $19 million.
“The ownership group didn’t really want to take the asset to market, so we went to a few select possible investors,” Grant Fulkerson, a principal at Lee & Associates LA North/Ventura office, tells GlobeSt.com. “We had a lot of confidence that the existing tenant, whose lease expired early this year, would want to renew. While on the front end, this didn’t look like a leased investment, we were confidant that we were going to get there. That is what we pitched, and ultimately, that is what we delivered.” Fulkerson represented the buyer, seller and tenant in the transaction along with his Lee & Associates colleague, principal Mike Tingus.