DAUM Commercial Completes Two Land Transactions in Ventura County
DAUM Commercial Real Estate Services recently completed two land transactions in Ventura County. The deals encompass the sale of a 2.52-acre land parcel to the City of Camarillo for affordable and market-rate multifamily development on behalf of the seller, and the acquisition of 109.5 acres of agricultural land in Oxnard on behalf of the buyer.
The two transactions, totaling nearly $11 million, include:
- Land Parcel Sold to the City of Camarillo for Multifamily Development
DAUM Commercial Vice President Shaun Bieniek and Associate Michael Wurtzel, both of the firm’s Camarillo office, completed the sale of a land parcel to the City of Camarillo on behalf of the seller, Building Materials and Construction Solutions (BMC), a building supply and services company. The City plans to construct affordable and market-rate multifamily units on the land, according to Bieniek.
“This in-fill 2.52-acre site was in high demand due to the strong demographics of the Camarillo market and its close proximity to a Metrolink/Amtrak station, Old Town Camarillo, and the Arneill Road retail corridor,” explains Bieniek. “While we received several offers from self-storage developers due to the site’s M1 zoning, multifamily developers were also confident that the land could be rezoned for residential development, as other parcels in the vicinity were for recent projects. With the knowledge of multifamily and self-storage being two of the most in-demand properties on the market, DAUM advised BMC to price the land in-line with the comparable sales, to allow the buyers to bid up and ultimately define the land’s true value.”
DAUM Commercial quickly generated 12 very strong offers, 9 of which were well above asking price, notes Bieniek.
“The City of Camarillo had been targeting this site as an ideal transit-oriented development location to meet its affordable housing goals, recognizing the need exists outside of metro areas,” says Wurtzel. “Ultimately, we worked closely with the seller to select the City as the buyer in this transaction, due to the high likelihood of a quick and smooth closing of the transaction.”
According to Wurtzel, the site had been a lumber yard since the early 1950s, so there was some remediation necessary for multifamily development. DAUM Commercial coordinated with the seller, the buyer, outside consultants and the Ventura County Environmental Health Division to develop a remediation plan to obtain a No Further Action letter from the county.
The total consideration of the sale was $3.6 million. The land parcel is located at 2800 Barry Street in Camarillo, California.
As part of ongoing relationship with BMC, DAUM Commercial coordinated the temporary leaseback of the site until the seller was able to relocate to its new location 2222 Hillcrest Drive in Thousand Oaks, an acquisition which DAUM also directed. DAUM also facilitated the close of BMC’s newest location at 3111 E. Main Street in Ventura, California, which is scheduled to open later this year, notes Wurtzel.
- More Than 100 Acres in Oxnard Acquired by Farmland Investor
DAUM Commercial’s Mark Kotake, an Associate Vice President based out of the firm’s Camarillo office, has directed the acquisition of a 109.5-acre land parcel to Olympic Sun LLC, a farmland investment firm.
This was the largest agricultural land sale in the Oxnard Plain area of Southwest Ventura County in 2018 thus far, notes Kotake.
“This parcel is located at the heart of the Oxnard Plain and features excellent soil, mild weather, flat topography, and plentiful water sources,” explains Kotake. “We were able to strategically identify and secure this significant land site for our Client in an off-market transaction. While Ventura County’s agricultural industry has fluctuated in recent years, land remains an increasingly strong investment.”
According to Kotake, DAUM negotiated strategically with both the buyer and the seller, Del Norte Land Company, LLC, which operated a strawberry farm on the site, to facilitate a close within 2 months.
The total purchase price of the land was $7.3 million. The parcel is located off East Rice Road in Oxnard, California.