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Saturday, Feb 4, 2023

Warehouse Repurpose

By MICHAEL AUSHENKER Staff Reporter A Conejo Valley industrial building has been purchased by a new landlord who wants to redevelop the property into biotech labs. The warehouse, located at 1300 Rancho Conejo Blvd. in Thousand Oaks, was built in 1975 and sits on 5 acres. Newmark Knight Frank Executive Managing Director John DeGrinis and Senior Managing Directors Patrick DuRoss and Jeff Abraham represented the undisclosed private buyer, which CoStar Group identified as Alexandria Real Estate Equities Inc. The Newmark Knight Frank team also represented seller Arconic in the transaction. According to Newmark Knight Frank, the new owner plans to redevelop the asset to house biotechnology labs to accommodate the rising number of industry users in Ventura County. “Thousand Oaks is experiencing a boom in biotech demand and has been hyper-focused on expanding this sector,” DuRoss said in a statement. “This market has long been the home for prominent biotech companies such as Amgen and Takeda (formerly Baxter), but we are seeing a significant increase in capital and demand from smaller, growing biotech companies over the past two years.” Seller Arconic specializes in lightweight metals engineering and manufacturing.

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