Investors Show Faith in Leasing With 48,000-SF Site

Michael Walsh of the Ventura County office of GVA Daum reports that Montecito-based Eagle Holdings LLC paid $4.1 million for the building, which Walsh calls a sign of "increasing confidence in the industrial building lease market in the wake of evaporating acquisition opportunities." The recently constructed building sits on approximately three acres at 400 Del Norte. Michael Walsh and Melinda Walsh, also of GVA Daum, represented the buyers, with the seller, Del Norte Investment Co. LLC, represented by Fred Ferro, Mike Tharp and Erik Behlke of NAI Capital. The new owners have named the Walshes to re-market the Oxnard building for single tenant occupancy.According to Michael Walsh, the facility is likely to draw interest from prospective tenants because of the limited number of buildings of this size in the area. "Leasing activity is picking up as compared to a year ago, when you virtually couldn't lease a thing," Walsh says, with leases of 20,000 sf to 50,000, sf because "the economy is picking up and there's virtually nothing left to buy," he says.The facility that Eagle Holdings bought a concrete tilt-up building that was designed for R&D, manufacturing and distribution uses, the primary purposes for which most industrial buildings in the Los Angeles Basin are being designed these days. In a deal near Los Angeles International Airport that coincidentally involves another 48,000-sf building, domestic and international freight forwarder Lynden International has leased the entire facility for expansion and relocation of its area headquarters, according to the Klabin Co. Harvey Beesen in the Los Angeles office of Klabin reports that Lynden International is scheduled to move in July to new space at 5235 W. 104th St. from its existing 28,000 sf on 102nd Street. Lynden will employ approximately 45 workers at the new site.Beesen and Luke Staubitz of Klabin represented both Lynden International and the property owner, BLB Figueroa LLC, in the 5.5-year, $2.4-million lease. Lynden International's new facility is a concrete tilt-up structure formerly used for manufacturing but converted to airfreight specifications in the late 1990s.