Sares Regis Group has sold a pair of industrial buildings in Thousand Oaks totaling 172,516 square feet to a private investor for $70 million.
The Newport Beach-based developer behind the Conejo Spectrum Business Park north of the 101 Freeway sold the two buildings at 1515 Rancho Conejo Blvd. and 1489 Lawrence Dr., the San Fernando Valley Business Journal reported. The buyer was not identified.
The Rancho Conejo building is 88,946 square feet with 17 dock-high doors, two ground-level doors and 30 feet of clear height. The Lawrence building is 83,570 square feet and is similarly equipped.
“Demand for quality space among companies planning for growth still is running ahead of supply,” Steve Fedde, development partner of SRG Commercial Development, said in a statement. “The $403-per-square-foot price is a record for premium buildings in this market.”
The two buildings mark the last and final phase in the developer’s 11-building Conejo Spectrum Gateway project, at Rancho Conejo Boulevard and Lawrence Drive. Its seller noted the buildings are ideally suited for last mile distribution and logistics, light manufacturing, or life sciences research.
The first phase consisted of nine buildings containing 505,378 square feet, and was leased ahead of completion and sold to a real estate investment trust in 2019.
“At close of escrow, we were actively negotiating with multiple tenants for all the space, Fedde said. “Lease rates achieved will also set new records.”
Newport Beach-based Sares Regis Group was represented by Tom Dwyer and Bennett Robinson of CBRE. The buyer was represented by J.B. Green of Colliers International.
[San Fernando Business Journal] – Dana Bartholomew