Topaz Business Park is Largest Sold in Ventura Co. Submarket

Though new inventory is in the construction pipeline, only 114,000 square feet of new inventory has been delivered in the Ventura County market during the first three quarters of 2021. With scarcity of space in mind, the Topaz Business Park, a six-unit industrial building in Simi Valley, recently sold to Rexford Industrial for $46.4 million. The 242,101-square-foot asset is the largest ever sold in the submarket, according to Lee & Associates.

Topaz Distribution purchased the asset 10 years ago for $14 million and added 40,000 square feet of rentable building footprint during a 2015 renovation. The property reached full occupancy as the pandemic continued to drive unprecedented market growth in Simi Valley and set the stage for a sale that was almost unimaginable before the pandemic.

Lee & Associates LA North/Ventura’s president Mike Tingus with principals Joe Jusko and Grant Fulkerson negotiated the sale. The Lee & Associates team represented both Rexford Industrial and the seller, 2280 LLC, in the sale. The broker team also handled leasing for the previous owner/user, Topaz Distribution, and guided the asset to 100 percent occupancy just two months ago.

“The Ventura industrial market has experienced more growth since the pandemic than during the 13 years that preceded the first cases of COVID-19 in California. Even as the pandemic loosens its grip, there remains incredible demand that the marketplace can’t absorb. The result was a win-win for both the buyer, who expanded its footprint in the market, while the seller’s profit exceeded $32 million,” says Tingus.

Rexford Industrial plans to hold the property as an investment and establish market rents. With few industrial investment opportunities and historically low vacancy rates, the stabilized building is a difficult-to-find entry point in the supply-strapped Ventura market.