The former Gap facility is on 14.7 acres at 5198 Colt St. Gap vacated the property in the spring. Terms of the sale were not disclosed, but the clothing retailer's former warehouse was being marketed at an asking price of $10.9 million.

Pacific Prime plans to remodel the outside of the building and will re-market it for distribution and manufacturing tenants in spaces divisible to 80,000 sf, according to George Eales of Daum. Eales was part of a Daum team that represented both Gap and the buyer, which included Mitch Conlee and Michael W. Walsh. The three Daum brokers also have the listing for leasing the property.

Eales called the property a "one-of-a-kind" building for Ventura, where there are no comparable large industrial buildings in the western part of the county. The warehouse has the only 40-foot clear height in the county, he says, including slightly more than four acres for expansion, plus 20,000 sf of office space. Eales says demand for distribution space is growing in the area because of its proximity to Interstate 101 and Highway 126 as well as Port Heuneme.

The acquisition is the second in Ventura County this year for Pacific Prime, which also acquired a 112,000-sf facility in Simi Valley.