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June 15, 2024
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Thousand Oaks Land Buy to Be Used for Industrial Condo Development


Conejo Merchant Ltd has acquired nearly eight acres of land in Thousand Oaks for the development of a hybrid commercial planned development and commercial condominium complex on Conejo Center Drive. The price of the land buy was given out.

The planned industrial development is expected to contain 75k sf of industrial space consisting of seven free standing buildings ranging in size from 4k sf to 8k sf and commercial condominiums ranging in size from about 1.8k sf to 3k sf, designed to accommodate demand in the market, where vacancy levels have been declining for over a year.

The seller, the City of Thousand Oaks, divested the parcel with industrial zoning in place, allowing for a relatively swift timeline for completion. Conejo Merchant expects to break ground in the fourth quarter of this year with a planned completion date in mid-2015. The concrete tilt-up free standing buildings and condominiums are sized to accommodate the types of small-to mid-sized users that are typically found in the Conejo Valley.

Mike Tingus, president, and Grant Fulkerson, principal, of Lee & Associates-LA North/Ventura represented both the buyer and seller in the transaction. Conejo Merchant is a joint enterprise of Martin Teitelbaum, a prolific Ventura County industrial developer and Hugh Cassar, a dynamic local entrepreneur and philanthropist. Teitelbaum and Cassar are also planning to break ground on another industrial project in Agoura Hills next year.

Industrial vacancies in the Thousand Oaks/Newbury Park submarket fell to 5.5 percent in the first quarter of 2014, descending from the 6.4 percent level in the fourth quarter of 2013, according to Lee & Associates. Similarly, both lease rates and sales prices have been rising. There is virtually no new industrial product for sale in the submarket.

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