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5/08/12
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A 53.7k sf industrial property in Newbury Park traded hands in a recent $3.8 mil ($71/sf) transaction. The property, located at 2651 Lavery Ct, north of the 101 Fwy and west of Rancho Conejo Blvd, was purchased by Martin W. Foreman.
Although historically used for R&D purposes, the building’s high ceilings, rear storage yard, abundant loading doors and divisibility were features that made it attractive to the buyer, as well as for many traditional industrial tenants. Other desirable features of the property include 1,800 amps of well-distributed power in the front half of the building, a 10k sf clean room and 4.6k sf of mezzanine office space. The building is surrounded by many Fortune 500 companies such as Amgen, Baxter, Teledyne and BMW, among others.
Fred Ferro and Timothy P. Foutz of NAI Capital represented the seller, C-F Investment Company, in the transaction. “We were fortunate that both parties involved in the sale were motivated to close the deal quickly in order to renovate the building for tenants who are currently looking for cost effective space in the local submarket” Ferro commented.
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