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4/10/18
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Rexford Industrial Realty purchased a 49.6k sf industrial property in Thousand Oaks for $6.6 mil, or $133/sf. We’re told this was among the highest prices per sf ever paid for an industrial property in the Conejo Valley.
The property is located at 851 Lawrence Dr, on 4.78 acres of land just west of the intersection of Rancho Conejo Rd and Teller Rd. The property is close to numerous amenities and the 101 Fwy.
Mike Tingus and Grant Fulkerson, SIOR, with Lee & Associates represented both Rexford and the seller, a private trust, in the transaction.
“The property was built as an industrial building, but the owners spent $2 mil renovating the building for office use,” said Tingus. “The effort was not successful, and the building was vacant for five years. When we were engaged to list it, we knew that its highest value would be as an industrial facility, and once we re-positioned the marketing we quickly sold it.”
Rexford plans to fully renovate the building and is considering the construction of an additional 30k sf on the property.The re-done property will feature dock-high loading.
The Lee team is currently marketing the property for lease. The existing building can accommodate two users of about 25k sf each or a single user for all the space. A second building, if constructed, would offer two units of approximately 16k sf each, a combined 30k sf for a single user or, if both buildings are combined, a total of just over 82k sf of space.
“There is precious little industrial space available in the Conejo Valley, and Rexford will have numerous options for leasing this property as a result,” Tingus added. “That flexibility really adds to the value of this purchase.”
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