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5/01/15
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An 88.1k sf flex/industrial building in Thousand Oaks has been purchased by Herri Holdings Corporation, a China-based pharmaceutical manufacturer, in a transaction valued at $9.89 mil ($112/sf). The building, located at 2300 Corporate Center Dr, north of the 101 Fwy between Lawrence Ave and Rancho Conejo Blvd, was sold by First Industrial Trust.
The concrete, tilt-up structure sits on a 5.37-acre lot. Chicago-based First Industrial had repositioned the building by returning it from its prior office use to its original industrial use consistent with the building’s history and demand in the submarket.
Previously, the property had been marketed primarily as an office building due to the 100 percent office build-out required by the previous tenant. Most of the re-positioning involved updates to the marketing approach and materials, as well as the physical removal of some ceilings to create 24-foot warehouse-ready clear heights, which also showcased the building’s flexible functionality.
“When a building like this hasn’t attracted the right user, you have to think outside the box,” said Colliers Senior Executive Vice President John DeGrinis, SIOR, who is based in the brokerage firm’s Encino office. “Since there has been so much interest in industrial space in this market, we decided, with a few building configuration and marketing changes, to transform it and drive some potential buyers to look at it in a different way, and not simply as an office building.”
DeGrinis was joined on the Colliers marketing team by Vice President Patrick DuRoss and Associate Vice President Jeff Abraham.
The repositioning quickly generated strong new interest in the building, ultimately attracting a buyer-user that had been focused on buildings in Orange County. Herri Holdings intends to use the facility to begin its manufacturing activities in the United States, which is one of the first of its kind in the region.
The buyer purchased the building in an all-cash transaction. Representing the Chinese firm was ReMax broker Qiu Autumn Yuan of the firm’s Arcadia office.
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