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11/02/15
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The Conejo Valley Unified School District has acquired two industrial properties in the Ventura County submarket of Newbury Park for $6.3 mil. The buildings are located at 750 Mitchell Road and 667 Rancho Conejo.
The District also sold a10-acre site where its maintenance and operations had been located for many years because the property was underutilized. That property had greatly appreciated over the time the district owned it, and officials believed it was the right time to divest that property and move to a more efficient facility.
Mike Tingus and Grant Fulkerson of Lee & Associates-LA North/Ventura, in conjunction with Joel Kirschenstein of Sage Realty Group, represented Conejo Unified in both transactions. Tingus and Fulkerson also represented the seller of 750 Mitchell Road, 3K Properties LLC.
The School District first located the 750 Mitchell Road property, but at 37.2k sf, the building fell short of the district’s needs. So, a second building was identified with 12.2k sf, situated directly behind and adjacent to the Mitchell Road property, and the team negotiated its sale.
“The location of 667 Rancho Conejo directly behind the Mitchell Road building makes it possible to connect both buildings and provide a fully functional space that meets the school district’s needs,” Tingus said. “Necessity is truly the mother of invention. We’d been working with the school district for about three years, and it was pretty clear to us that we weren’t going to find a turnkey solution, so we had to start thinking outside the boundaries of convention.”
Fulkerson added, “The school district needed a facility that would house its operations as well as sufficient parking for its maintenance vehicles, and they needed to remain in the same local area where larger buildings are rare. With this solution they have the space they need for maintenance and operations, and they will fold the continuation high school into their headquarters campus on Janss Road, which is an ideal location for it across the street from the Thousand Oaks Library.”
In addition to its maintenance and operations departments, Conejo Valley Unified will house its administrative offices, a print lab and storage facilities at the new space.
Bob Boyer and Michael Slater of CBRE represented the seller of the 667 Rancho Conejo property, SIMA Rancho Conejo LLC.
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