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3/26/20
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A 65.3k sf, industrial building in Thousand Oaks sold for $8.1 mil ($124/sf). It was acquired by an undisclosed private buyer who plans to redevelop the asset to house biotechnology labs to accommodate the rising number of industry users in Ventura County.
Located at 1300 Rancho Conejo Blvd, the property is a free-standing manufacturing facility located on 4.97 acres of land. It is conveniently located less than one mile from the 101 Fwy, and minutes from the San Fernando Valley.
The building features 17’ to 18’ ceiling clearance and two ground-level dock doors. The asset also benefits from more than 5k sf of office space with a landscaped atrium.
John DeGrinis, Patrick DuRoss and Jeff Abraham with Newmark Knight Frank represented the buyer and the seller, Arconic, in the transaction.
“Thousand Oaks is experiencing a boom in biotech demand and has been hyper-focused on expanding this sector,” said DuRoss. “This market has long been the home for prominent biotech companies such as Amgen and Takeda (formerly Baxter), but we are seeing a significant increase in capital and demand from smaller, growing biotech companies over the past two years.”
The sale of 1300 Rancho Conejo Blvd follows the $11.15 mil sale of the adjacent, two-building, 62.6k sf industrial property located at 1280 and 1290 Rancho Conejo Blvd. These properties are also being converted to biotech space and are predominantly leased to bio users.
Thousand Oaks ranked the third safest city in the U.S., according to a 2018 Business Insider study. Thousand Oaks is adjacent to Los Angeles County, which has the nation’s second largest municipal health system, spending over $10 bil annually to serve its 10.3 million residents.
Life science companies tend to operate in clusters and Ventura County is part of the “101 Technology Corridor,” a 27-mile stretch of the 101 Freeway that runs from Woodland Hills through the Conejo Valley to Camarillo, according to NKF research. The corridor is home to more than 200 technology companies across sectors including software, biotech, electronics, automotive and aerospace.
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