A 48,170 square-foot flex office and research
and development building leased to
Interconnect Systems International,
at 741 Flynn Road, Camarillo, CA.
CAMARILLO, CA – DAUM Commercial Real Estate Services, a leading provider of commercial real estate services including brokerage, tenant representation, consulting, leasing, sales, and property management, has completed the lease renewals of two single-tenant commercial properties totaling 73,734 square-feet in Camarillo, California.
 |
| Stuart Scott |
The two buildings were leased for a total
consideration of $7.11 million, according to Stuart Scott, CCIM, Vice
President at DAUM Commercial.
The first transaction comprises a 48,170
square-foot flex office and research and development building. The lessee,
Interconnect Systems International, a Molex Company, signed a lease renewal for
an additional 10-year term and will continue to use the space for its
headquarters and the design and manufacture of microelectronics.
Built in 1984, the Class B industrial building
is fully built out for engineering, production, and office space.
“Renewing the building’s lease on a long-term
contract was of great importance to our client,” says Scott. “Drawing on our
established industry connections and cutting-edge regional market analytics, we
were able to negotiate a highly competitive lease renewal for the space and
location.
"Our ability to swiftly and efficiently
secure exceptional lease terms for our client presented us the opportunity to
direct an additional lease transaction on their behalf.”
The second transaction consists of a 25,564
square-foot industrial building that will be used by the lessee for additive
manufacturing of commercial parts.
 |
| Bart Reinhard |
The lessee, Burloak Technologies, a division of
Samuel Son & Co.Inc., signed a five-year extension and is the sole occupant
of the building.
The prior occupant of the site, Carpenter
Technology Corp., had made substantial improvements to the property for the
additive manufacturing process. Samuel Son & Co. acquired the operations
from Carpenter in 2021. When the prior lease expired, Samuel sought to remain
in the current space to capitalize on the site’s unique manufacturing
capabilities.
In Q4, overall industrial vacancy in the Ventura
County market crept up slightly from Q3 but remained low at 2.7% with rental
rates averaging $1.15 (NNN), according
to a DAUM report. Camarillo asking rents per square foot
averaged $1.03 at the end of 2022.
“The market in the Ventura County area began to
loosen in Q4 with an uptick in vacancy and a downward pressure on net
absorption,” Scott says. “With both of these lessees seeking the best terms for
their renewal, DAUM’s valuable research and data allowed us to highlight that
the current market conditions were well suited for renewing and furthering
their long-term business relationships with our client.”
 |
| David Harding |
The lessor for both properties and repeat client
of DAUM Commercial, the Lackey Family LP, was represented in the lease
agreements by Scott.
Interconnect Systems International, a Molex
Company, was represented by Bart Reinhard of Jones Lang LaSalle, and
Burloak Technologies, a division of Samuel, was represented by David Harding
of Colliers International.
The office/flex research and development
property leased to Interconnect Systems International is located at 741 Flynn
Rd., Camarillo, California. The industrial property leased to Burloak
Technologies is located at 829 Via Alondra, Camarillo, California.
CONTACTS:
Hanna
Kokuashvili / Elisabeth Manville
The Smart Agency, Inc.
(949) 438-6262
hkokuashvili@thesmartagency.com
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