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9/23/16
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Majestic Asset Management has purchased a 347.1k sf industrial building in Thousand Oaks in a recent $37 mil transaction that divides out to $106/sf. We’re told that the property, located at 1461 – 1475 Lawrence Dr, within the Conejo Spectrum Business Park, is the largest industrial facility in the city.
The property is a high image, research & development facility that is situated on roughly 18 acres. It is 100 percent leased to four tenants.
Custom Sensors and Technologies, a manufacturer of aerospace hardware, occupies about 33% of the property. They recently invested $4 mil to retrofit the building to its specific needs. Another tenant, Library Associates Inc, spent $488k to upgrade their premises.
CBRE’s Nicholas Gregg, Bob Boyer, Michael Slater, Tom Dwyer and Barbara Emmons represented the buyer and the unnamed seller in this transaction. CBRE’s Val Achtemeier secured the new $26.6 mil balance sheet loan for the buyer.
“This is by far the largest industrial property in Thousand Oaks, where vacancies are currently below 1.5 percent,” said Gregg. “Plus, the Conejo Spectrum Business Park is widely regarded as one of the major hubs of technology and research activity in Southern California.”
“Increasing construction costs and land values coupled with a lack of available land sites have created great barriers to new development in the Conejo Valley,” added Slater. “This makes this property a great and safe opportunity for the new owner.”
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