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Wednesday, Dec 6, 2023

Testing Firm Leases New Headquarters in Moorpark

Now here’s a piece of commercial real estate news I haven’t seen much of since taking over the real estate beat a few months ago: the leasing of a sizable chunk of R & D;/manufacturing space in the Valley. TestEquity LLC, an electronic test equipment company, leased a 75,827- square-foot portion of a larger 114,556 square foot facility located at 6100 Condor Drive in Moorpark. The seven-year lease transaction is valued at $3.76 million on a triple net basis. John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers International represented the landlord of the R & D;/manufacturing facility, Marcus Adam Properties. Mitch Conlee of DAUM Commercial Real Estate Services represented the tenant. “We got lucky in terms of finding the right kind of user that could benefit from this type of property,” said John DeGrinis of Colliers, adding there have been only a handful of transactions in the area this year greater than 50,000 square feet, and it has probably been a year and a half since the last significant R & D; lease deal in Eastern Ventura County. R & D; properties have higher proportions of office space, along with mezzanine floors, which allow for improved manufacturing operations typically associated with high-tech electronics manufacturing, said DeGrinis. A company that made aquariums previously occupied the space and it sat vacant for a year and a half. TestEquity specializes in the sale and rental of new and used electronic test equipment. The Condor Drive facility will be the company’s new headquarters. Conlee of DAUM assisted the company in locating the property as part of a plan to consolidate its four-building operation in Thousand Oaks. Business Incubator in the Works J. Richard Leyner of NAI Capital’s Encino office represented the San Fernando Valley Financial Development Corporation in the investment purchase of 17,000 square feet of land at 13420-13426 Van Nuys Blvd. in Pacoima. The land was purchased from the Silva family for $1,150,000. The San Fernando Valley Financial Development Corporation plans to demolish the existing structure and build a 10,000 square feet business incubator. The Pacoima Entrepreneurship and Training Center, expected to break ground by the end of the year, will rent space to small businesses and provide services and direction to help entrepreneurs achieve success. The $5 million project is being funded by the U.S. Department of Commerce’s Economic Development Administration, The Prudential Foundation, and Clearinghouse CDFI, according to Julie Fonseca, director of economic development for the Valley Economic Development Center. The VEDC is providing development services for the project. Lots to Celebrate for NAI Capital NAI Capital, which is based in Encino, is celebrating its 30th year in business this month. Founded by Michael Zugsmith in the San Fernando Valley in 1979, NAI Capital was originally known as Zugsmith & Associates. The firm purchased Paul Ellis & Company in 1981 and opened a second office in West Los Angeles; merged with Thind Commercial Brokerage Company in 1990 to form Zugsmith-Thind, Inc.; and changed its name to NAI Capital, Inc. in 1995. The firm then opened offices in Ventura County, Simi Valley, Conejo Valley, Orange County, Kern County and the Inland Empire. It now has 14 brokerage offices in Southern California and more than 200 brokerage professionals. One of the firm’s latest deals involved a vacant Circuit City building. Michael Schiff of NAI Capital’s Westlake Village office represented seller, Circuit Investors Thousand Oaks, and buyer, Neil Nadler Trust, in the investment sale and purchase of a 23,623 square foot retail building located at 600 W. Hillcrest Drive in Thousand Oaks. The former Circuit City location is situated on three acres of land and the transaction was for $5,340,000. Schiff is also representing the new landlord in a 15-year lease transaction for the entire space that’s expected to close in the next few weeks. NAI Capital said the prospective lessee is another national big box retailer. New Sperry Van Ness Office Sperry Van Ness Real Estate Services is hitting the ground running at its new office located at 4766 Park Granada in Calabasas. The firm shut down its Woodland Hills operation in late 2008 and opened the new office in April 2009. Jeff Albee, Jeff Gould, Chris Itule, Chris Kim and Blake Lichtig, are heading up sales, leasing, and real estate consulting at the office. They focus on the San Fernando Valley and Ventura County. Grace Bartsch is specializing in multi-family, development, and leasing. The firm also recently recruited Nurit Petri Regency at Sherman Oaks Sold Marcus & Millichap Real Estate Investment Services arranged the sale of the Regency at Sherman Oaks. The sales price of $16.5 million equals $239,130 per unit and $183 per square foot. Greg Harris represented the seller, a pension fund advisor, and the buyer, a private Southern California investor. Located at 4606-4616 Willis Ave. in Sherman Oaks, the property was built in 2000 on 1.25 acres of land. It is a 69 unit, 89,269 gross square feet community comprised of two three-story buildings. Nine of the units are one bedroom/one bathroom, and the rest are two bedroom/two bathroom. Staff Reporter Eric Billingsley can be reached at (818) 316-3124 or at ebillingsley@sfvbj.com .

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