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2/19/19
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In a major industrial acquisition from a few weeks ago, Rexford Industrial Realty Inc purchased Conejo Spectrum Business Park, a nine-building, 531.4k sf industrial park in Thousand Oaks, for $106.3 mil ($200/sf). The complex, covering just over 28 acres, is 72% leased to a range of credit tenants.
The newly constructed, Class A buildings are LEED certified and feature 28'-30' clearance, ESFR fire sprinklers, private secured yards and modern office space. Rexford intends to demise a vacant 98.2k sf building into two units in order to increase value.
"Acquired through an off-market transaction, this investment demonstrates our ability to leverage our deep relationships and market knowledge to catalyze accretive acquisitions in Southern California's infill industrial markets. This transaction presented the rare opportunity to acquire a newly constructed industrial park in a highly competitive submarket in which Class A industrial space is virtually unavailable," according to a statement from company executives. "Conejo Spectrum Business Park has attracted high quality tenants, including major ecommerce and consumer product companies, due to the substantial demand for last-mile logistics to service the adjacent population centers of the San Fernando Valley and Ventura County markets.
According to CBRE, the vacancy rate in the 64 msf Ventura County submarket was 3.1% and the vacancy rate in the 174 msf San Fernando Valley submarket was 1.6% at the end of the fourth quarter 2018.
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