The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
October 21, 2020
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



VENTURA COUNTY NEWS
Printer-friendly Version   Email an Associate
Penwood Real Estate Investment Management Buys 347k sf Conejo Valley Facility from Majestic Asset Management

3/09/18

In a significant industrial sales comp out of the Conejo Valley, Penwood Real Estate Investment Management paid $44.05 mil for a 100% leased, multi-tenant 347.1k sf ($127/sf) building located in the master-planned Conejo Spectrum Business Park in Thousand Oaks. It was sold by Majestic Asset Management.

Originally built in 1962, the asset was renovated in 2000. It is situated on a 17.9-acre site at 1461 to 1475 Lawrence Dr. The facility is fully occupied by four tenants including Sensata Technologies, LAC Group, Kanner Corporation and MB2 Raceway. The asset also offers easy access to the 101 and 118 freeways as well as the greater San Fernando Valley.

Kevin Shannon, Bret Hardy, Brad Burton and Guillermo Boisson with NKF Capital Markets represented the seller in the transaction. The buyer was self-represented.

“This property is a high-image industrial facility within the very tight Conejo Valley submarket, which has one percent vacancy and few remaining land sites for industrial development,” said Hardy. “With the industrial sector throughout Southern California pointing to continued user demand dwindling functional supply, we see continued inflationary-plus rent growth for properties such as Conejo Spectrum. These rent trends, coupled with outstanding demographics, currently below market rents, and significant tenant investment in the project, Conejo Spectrum represents a wonderful low-risk investment opportunity for Penwood.”

Majestic has been extremely active completing approximately $200 mil of transactions in 2017 and nearly $80 mil year-to-date with several others pending. Due to the company’s linear structure that does not include equity partners or investment committees, Majestic is able to make the acquisition and disposition process extremely fluid.






Return to the Archive page


 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media