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CAMARILLO, CA-Titan Real Estate Investment Group Inc. has acquired a 50,454-sf single-tenant industrial building at 4721 Calle Carga from Vitesse Semiconductor Corp. for $6 million in a sale-leaseback. Kevin Kaseff, managing partner of Titan, reports that Vitesse has signed a 10-year lease for the building, which was constructed in 1985.
Titan plans to convert the property into a two-story office building by expanding the existing mezzanine and converting the space to office and test facilities, which will enlarge the building to approximately 64,000 sf. The project sits on 4.28 acres, just off the 101 Freeway.
Kaseff calls the property a prime location that capitalizes on the population and business growth occurring in Ventura County and the San Fernando Valley, where many of the new and expanding businesses are high-tech companies like Vitesse.
Many of those companies are taking advantage of increased property values by shedding real estate assets while signing long term leases in sales-leaseback deals like the Vitesse transaction, Kaseff notes. Over the past year, Titan has completed more than a dozen sale-leaseback transactions for office, industrial and retail properties across the country.
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