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12/13/23
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The County of Ventura acquired a vacant 98.8k sf commercial building in Thousand Oaks in a recent $14.9 mil ($151/sf) transaction. The County plans to use the building, located at 2400 Conejo Spectrum, for its Fire Department administrative headquarters.
The property is centrally located within the Conejo Spectrum submarket, an established innovation node that caters to life science, flex and light-industrial users. Anchored by the 2.9 msf Amgen Global Headquarters, this micro-market is home to many of the region’s most successful tenants including Atara Biotherapeutics, Shire Pharmaceuticals, Forage Genetics and Amazon, among others.
Built in 2001, the property features over 16’ ceiling heights and a 100-pound live load capacity on the second story. Sitting on a 5.35-acre lot, the property also offers a 4:1,000 SF parking ratio with easy truck ingress-egress. 2400 Conejo Spectrum was initially developed as part of a two-building office campus along with 2380 Conejo Spectrum, which will be retained by the seller.
Newmark Co-Head, U.S. Capital Markets Kevin Shannon, Vice Chairmen Ken White, Rob Hannan, Laura Stumm and Michael Moll represented the undisclosed seller.
“The sale of 2400 Conejo Spectrum to the County of Ventura, Fire Department exemplifies a growing trend of owner-users capitalizing on pricing dislocation in the market,” said Stumm. “The Ventura County Fire Department is an ideal user for this asset, which has historically served as a headquarters corporate address.”
The Conejo Valley submarket maintains an industrial vacancy rate of 2.0% with a continued increase in rental rates, according to Newmark Research. The submarket has benefitted from strong life science demand from incubators Westlake Bio Partners and Amgen, including four recent acquisitions by Alexandria Real Estate within blocks of the asset.
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