VENTURA, CA-The FedEx Ground Package System Inc. division of FedEx Corp. has signed an $8 million lease for 144,000 sf of the former Gap Inc. western regional distribution center in a repositioning of the facility by Pacific Prime Properties of Los Angeles.

Elliott Dolin, a partner at Pacific Prime, reports that the FedEx unit has already begun operations at the new location, which is an expansion and relocation from 22,000 sf in nearby Oxnard. After acquiring the former Gap facility last year in a deal brokered by the Ventura County office of GVA Daum, Pacific Prime divided the building, which is at 5198 Colt St. Some 96,000 sf now remains for lease as distribution and/or manufacturing space. George Eales, Mitch Conlee and Michael W. Walsh in the Camarillo office of GVA Daum are the listing agents for the remaining space.

Eales says the FedEx lease underscores Ventura County’s emergence as a distribution hub to all points north in California. He notes that the facility provides immediate access to Interstate 101 and Highway 126, with an easy connection to Interstate 5, allowing for convenient transportation north through San Francisco and to the Oregon border. He calls the former Gap facility a one-of-a-kind building in Ventura County, where there are few if any large distribution and manufacturing structures on the market. The property is one of a number of facilities owned by Pacific Prime in Ventura County, where the company’s most recent purchase was the 104,000-sf former Ransco facility in Oxnard.

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