Daum Commercial Real Estate Services has completed the lease of a new 68,650-square-foot industrial distribution building in Oxnard.

The total consideration of the five-year lease is about $3 9 million, according to Daum.

The site, located at 500 North Eleva, St., spans 3.4 acres within the Mcinnes Ranch Business Park. Just off of Rice Avenue. The building has 30-foot minimum clearance height, eight dock-high loading doors, two grade-level loading doors, high pile material storage and a secure truck court.

Mitchell Conlee, an executive vice president at Daum, represented E&E Trust, a private investor and developer that owns the building, and secured Robert Mann Packaging as the lessee before the building’s completion. Bart Reinhard of JLL represented the tenant in the lease transaction. “With this lease, the tenant is able to occupy a rare available new asset in the market and expand from its current Oxnard location, while the owner was able to achieve rents above asking rates; Conlee said in a news release announcing the deal.

The Oxnard/Port Hueneme submarket ,s experiencing tight direct industrial vacancy rates of 0.64%, according to a recent report published by Daum.

Daum previously represented E&E Trust in the acquisition of the development site and has completed several additional industrial transactions in Mcinnes Ranch Business Park and the surrounding areas.