NEWPORT BEACH, CA—NGKF Capital Markets has completed six transactions totaling 1,18 million square feet on behalf of Sunbelt Enterprises, LLC and its affiliated entities. Concentrated in the Southern California and Las Vegas regions, these transactions represent more than half of the company's 2.1-million-square-foot real estate portfolio for sale. NGKF Capital Markets Executive Managing Directors Robert Griffith and Rick Sheckter were tapped last year to market the portfolio for Sunbelt Enterprises.
The most recent sale was the Packing House Square property located at 18200 Yorba Linda Boulevard in Yorba Linda, CA, to PRES Companies. The class A asset is located across from the Richard Nixon Library & Birthplace. The seven-building office and retail property totals 146,749 square feet and consists of a four-story, 96,652-square-foot office property that was 85 percent leased at the time of sale, along with six retail buildings totaling 50,097 square feet that were 98 percent leased at the time of the sale.
Other assets that have sold over the past six months include:
Moorpark Town Center in Moorpark, CA: Located on a major intersection at 1 - 275 West Los Angeles Avenue, the 139,740-square-foot retail center was sold to Retail Opportunity Investment Group. The center is anchored by Ralph's with Taco Bell and Sherwin-Williams as long-term tenants. It was 88 percent occupied at the time of sale.
Oxnard, California industrial: Six multi-tenant industrial properties totaling 408,244 square feet were sold to Rexford Properties and are located within multiple business parks in Oxnard. In aggregate, the buildings are 94% leased.
Oxnard, California industrial: Seven single-tenant industrial properties totaling 393,434 square feet in Oxnard were sold to Prudential. Six of the properties were fully occupied and one was vacant at the time of sale.
Las Vegas office:A 92,635-square-foot office building located at 2100 E. Flamingo was sold to Barak Investment Group. It was 55% occupied at the time of sale.
“Our team was selected to market this extensive portfolio on behalf of Sunbelt because of our ability to maximize value and attract institutional capital,” notes Sheckter. “We have strategically positioned the assets in their individual markets and have garnered strong offers from these institutional buyer types.”
Griffith adds, “This market environment has proven to be an ideal one for the seller as buyers are seeking to place capital in growing regions prior to the end of the year to meet their aggressive investment goals.”
Apart from properties currently in escrow, below is a list of properties the Griffith and Scheckter are currently marketing on behalf of Sunbelt Enterprises:
Las Vegas: 95,322-square-foot, multi-tenant industrial property located at 4339, 4345, 4351 and 4357 Corporate Center Drive. The property is 60 percent occupied.
Moorpark:Three single-tenant industrial buildings totaling 283,831 square feet located at 14501 – 14401 and 14399 Princeton Avenue. Two of the properties are fully leased, while one is vacant.
Ventura County: Five fully occupied multi-tenant office buildings totaling 228,000 square feet located at 1701 and 1801 Solar in Oxnard and 3325 - 3375 Cochran in Simi Valley.
Oxnard, California:Three land parcels along 101 Freeway near Oxnard totaling over 20 acres.
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
