December 15, 2020, 10:00AM
Newmark announces it has arranged the sale of 75 acres of land in Oxnard, CA for an undisclosed amount. The transaction marks the second largest industrial land sale (by sales price) in Los Angeles County and Ventura County year-to-date . The buyer plans to develop a 1.5 million-square-foot fulfillment center, which will be occupied by Amazon, according to a press release from the City of Oxnard. The project is anticipated to be fully operational by the end of 2021.
Newmark’s Executive Managing Director John DeGrinis, SIOR and Senior Managing Directors Patrick DuRoss, SIOR and Jeff Abraham, SIOR represented the sellers, Sakioka Farms and AMS Craig, LLC. The developer, Seefried Industrial Properties, was represented by Cushman & Wakefield.
“As e-commerce users continue to expand their delivery network with large building acquisitions, sizeable parcels such as this are extremely scarce in urban locations like the San Fernando Valley,” said DeGrinis. “This transaction validates the strength of the Ventura County industrial market and its labor force and will significantly bolster the local economy, creating approximately 1,500 jobs.”
“The Sakioka Farms Business Park has been a 20-year endeavor between the Sakioka Family and the City of Oxnard. We are excited to kick off the first phase of our park with a regional Amazon distribution center and a locally owned, state-of-the-art, cold storage facility,” said Jeremy Sakioka. “With a significant portion of the infrastructure improvements currently underway, we look forward to continuing work with our team to establish a new economic center for the City of Oxnard and bringing additional businesses to the park.”
DuRoss added, “Having worked with the Sakioka Family for several years, this transaction marks the first step towards their master planned, 430-acre project. There is an incredible economic opportunity in Ventura County and continued demand for modern industrial product in the Los Angeles North basin from e-commerce, biotech, food and beverage, manufacturing and entrainment users.”
Located at the southeast corner of Rice Avenue and the 101 freeway in Oxnard, the Sakioka Farms Business Park is ideally located in the Ventura County market and presents accessibility to major surrounding markets, including Ventura, Santa Barbara and the Conejo Valley area. The 430-acre property is one of the last large pieces of land in the city of Oxnard with the potential for development, according to the release.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.