Newmark Capital Markets Team Shannon Private Capital Group has announced the $13.8 million sale of 6100 Condor Drive, a fully occupied two-story, 114,556-square-foot industrial manufacturing building located in Moorpark, CA.
Newmark Capital Markets Executive Managing Directors Sean Fulp and Bret Hardy, and Managing Directors Ryan Plummer and Brad Burton represented the seller, Marcus Adams Properties. The buyer, Westcore Properties, was self-represented.
Built in 1984 and renovated in 1995, 6100 Condor Drive is situated on 7.53 acres, of which 2.55 acres are unimproved and prime for development. The property is 100 percent leased to two long-term tenants, Test Equity and Shred-It.
“6100 Condor Drive provides the new ownership with a steady rental income stream with full occupancy, while the adjacent vacant land provides the potential either to develop an additional industrial facility or expand the existing building,” said Hardy.
“This property fit well within Team Shannon Private Capital Group’s strike zone, allowing us to leverage our large buyer database to generate multiple full-price offers from institutions, private investors and exchange buyers to exceed our asking price,” said Plummer.
Strategically located directly off the 118 Freeway in the supply-constrained Simi Valley industrial submarket, 6100 Condor Drive is visible from the freeway and provides regional access within one of the tightest submarkets in Los Angeles. The Simi Valley/Moorpark submarket consists of 12.4-million square feet of industrial property and has a vacancy rate of less than 2 percent.
Team Shannon Private Capital Group brings institutional capabilities to small and mid-sized transactions with advanced analytics, best-in-class graphics and industry-leading marketing capabilities. Led by Sean Fulp and Kevin Shannon, and supported by a 10-person team based in Southern California, the Private Capital Group focuses on office and industrial properties valued between $5 million and $25 million from across the entire risk spectrum, including multi-tenant stabilized properties, net leased investments, medical office buildings and distressed or value-add opportunities in Southern California, Arizona and Nevada.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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