Location: 850 Flynn Road Camarillo, CA 93012
Total Bldg SF: 26,433
Purchase Price: $4,050,000
Quest Capital Partners, Inc. is pleased to announce the recent acquisition of a 26,433 sf hybrid flex industrial building located at 850 Flynn Road in Camarillo, CA. The property was purchased for $4,050,000 with an extremely attractive below-replacement-cost basis of $153 per SF.
Located in the Central Ventura Valley area in Camarillo, this property is a quality 1986-vintage concrete tilt-up with 26′ high ceilings.
In a rapidly changing Southern California real estate landscape, Quest is still approaching real estate utilizing a value-add strategy with in-place cash flow to drive its target metrics. Quest is focused on both industrial and multi-family assets which have proven to be somewhat resilient in terms of rental demand.
This acquisition checks all the boxes for Quest. The asset was purchased well below replacement cost on a per SF basis, in-place rents are approximately 70% below market, and there is an opportunity to re-tenant the property in the next 12 months at market rent. In-place cap rate at closing is 6.87% with a stabilized cap rate on cost of approximately 8.25%. Investor IRRs are projected to be over 16% over a 3-year hold.
“We anticipate Southern California industrial real estate fundamentals to remain strong through the immediate to midterm future. Acquired at a favorable basis, this asset presents the opportunity to create value in a particularly supply-constrained submarket.”
— Daniel Rosenwald, Partner
Quest Capital is a boutique real estate investment firm focused on value-add investment property throughout the western region of the US. Visit quest-capital.com for more information on or email us at investments@quest-capital.com.
