Van Nuys-based real estate company Majestic Asset Management recently doled out $37 million for the largest industrial building in Thousand Oaks, according to a release from CBRE.
The management firm paid about $107 per square foot for the 347,119-square-foot building, which sits on 18 acres of land. The average submarket rate for buildings larger than 100,000-square-foot is about $120 per square foot, according to CBRE broker Nick Gregg.
Gregg represented both the buyer and the seller along with his colleagues, Bob Boyer, Michael Slater, Tom Dwyer and Barbara Emmons. Val Achtemeier, also of CBRE, secured a $26.6 million balance sheet loan for Majestic.
The seller, according to property records, was the Austin, Texas-based Western National Life Insurance Company, a subsidiary of AIG.
Majestic has no immediate plans of redeveloping or renovating the 2000-built building in the Conejo Spectrum Business Park. At the time of the sale, the property at 1461 to 1475 Lawrence Drive was 100 percent leased. It currently houses four tenants, one of the largest of which is aerospace hardware company Custom Sensors and Technologies.
Custom Sensors invested $4 million to customize the 33 percent of the building they occupy, according to a CBRE release.
The property’s full occupancy is one of the major reasons why Majestic was drawn to buy, Gregg told The Real Deal. Thousand Oaks is a great market, he added, “where there’s a high quality of life with a very strong labor force.”
Majestic Asset Management acquired an Agoura Hills office building in February for nearly $21 million alongside partner JS/JS Properties. The developer will transform the 120,000-square-foot office and industrial site into a creative office campus and rename it “Tech Park @ Canwood,” TRD reported.
AIG recently sold another major property in L.A. — the Rubix Hollywood apartment complex, which the company unloaded for $109 million to New York Life Real Estate Investors, on behalf of the Madison Core Property Fund.