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10/28/19
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A highly-improved 60.4k sf, R&D building in Simi Valley traded for $11 mil ($183/sf). The property is located at 685 E Cochran St, east of Madera Rd and just south of the 118 Fwy.
Built in 1986, the two-story property features 22 24 clear heights, two dock-high and three grade-level loading doors. The second floor, with about 20k sf of general and engineering offices, had been fully renovated in 2015.
The seller will continue to occupy a portion of the property for its businesses, which include SensoScientific, a maker of temperature monitoring systems for the healthcare industry, under a lease-back arrangement. Other tenants in the building, which was fully leased at the time of the sale, include Hangman Products, a maker of hanging solutions for pictures, mirrors, TVs and more; and Brown & Brown Insurance.
The buyer, Albert Halami, a private investor, plans to continue the renovation efforts including re-landscaping and improving the parking lot.
Mike Tingus and Grant Fulkerson, SIOR, with Lee & Associates-LA North/Ventura represented the seller of the property, 685 Cochran Holdings LLC. Tingus and Fulkerson, along with Will Poole, also at Lee, will retain the leasing assignment for the property under the new ownership.
We wanted to attract investors for the property since our seller wanted to retain its business operations at the facility, said Tingus, and we were able to fully lease the building, making it a strong investment opportunity and achieving one of the highest per-square-foot prices in the region.
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