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June 23, 2024
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Majority of Buildings at New Thousand Oaks Biz Campus Have Been Leased


Seven of the nine buildings that comprise Sares Regis Group’s 505k sf Conejo Spectrum Business Park in Thousand Oaks have been fully leased, leaving just two remaining buildings on the market. We’re told that this is the first new state-of-the-art industrial project of significant size to be completed in either Ventura County or the adjacent San Fernando Valley in some 15 years.

Long-term leases for five of the buildings were negotiated well before the center’s recent and final buildout, while another two buildings went under contract just weeks after the buildings were certified for occupancy. At present, there are only two buildings remaining at the cutting edge development.

“For the first time in recent memory, a spec industrial project composed of mid-sized and larger buildings anywhere in Ventura County, not to mention the San Fernando Valley, has not only been built, but has been significantly absorbed prior to, and immediately after, completion of construction,” said Colliers Senior Executive Vice President John DeGrinis, who led the team of brokers marketing the project. “Tenants by the dozens toured the center and interest among them was so high we had multiple offers depending on the tenant’s needs and the size of the buildings.”

Joining DeGrinis on the leasing team were Colloiers colleagues Patrick DuRoss and Jeff Abraham. The trio also sold the land to Sares Regis more than 18 months ago and remained as the exclusive marketing team.

Ranging in size from 37k sf to 100k sf, the buildings, in addition to serving the needs of logistics firms, have proven to be ideal for warehousing, manufacturing, and high-tech users. With industrial vacancy rates hovering near a record low 1% in Ventura County, tenants in this region simply have not had the option to grow their businesses due to the lack of development over the past decade. Tenants occupying the technically advanced buildings, including those logistics companies that require specialized design features, also will find such standard amenities as 28-to-30-foot ceiling clearances, an ample number of dock-high loading doors, two-story and high-image office space, secured and fenced truck yards, and ESFR-certified sprinkler systems.

Among those tenants who have signed leases are clothing manufacturer and knit blanket maker Barefoot Dreams, Ferguson Plumbing Supplies, well-known cancer research and treatment developer Atara Biotherapeutics, Sage Publications, and pop figurine maker Sideshow Collectibles.

For a variety of reasons new industrial construction of this magnitude in the Ventura County markethas been stalled for a decade or more as the region’s recovery from The Great Recession lagged other parts of California, DuRoss noted. “But evidenced by the huge number of prospective tenants we’ve met with, especially those looking for buildings that are e-commerce capable and have the highly specialized features logistics firms require in the structures they occupy, implies that this region has finally caught up economically with those areas where rival developments have been built, like the adjacent San Fernando Valley,” he added.

Tenants who will be moving into the buildings will find such state-of-the-art amenities as secured and fenced truck yards, 28-to-30-foot ceiling clearances, an ample number of dock-high loading doors, two-story and high-image office space, ESFR-certified sprinkler systems, and a variety of transport options.

Located less than a mile from the Ventura Freeway (US 101), the state’s major coastal north-south highway between Los Angeles and San Francisco, it also has direct access to the Golden State Freeway (I-5), the Thousand Oaks Freeway (SR 23), Simi Valley Freeway (SR-118), and San Diego Freeway (I-405), all linking the area to the rest of Southern California. Additionally, it is near the San Fernando Valley and its vast network of freeways, airports and rail services. It also has a direct route to the twin ports of Long Beach and Los Angeles, as well as to the closer deep-water port of Port Hueneme near Oxnard, just 24.5 miles north of Thousand Oaks.

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