Sares Regis Group has sold a pair of industrial buildings totaling 172,516 square feet in the Conejo Spectrum Business Park for $69.5 million to a private investment group, which is aiming to lease up the newly constructed buildings.
The Conejo Spectrum Gateway development is at the corner of Rancho Conejo Boulevard and Lawrence Drive.
The building at 1515 Rancho Conejo Blvd. is 88,946 square feet with 17 dock-high doors, two ground-level doors and 30 feet of clear height.
The second building at 1489 Lawrence Drive has 83,570 square feet and is similarly supported.
“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, and I expect price records will continue to fall in the current supply constrained environment.”
The buildings are the last in Sares Regis Group’s 11-building Gateway project. The nine-building, 505,378-square-foot first phase was leased up 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. Lease rates achieved will also set new records.” said Fedde, who added that the buildings will be ideal for last mile distribution and logistics use as well as for companies engaged in light manufacturing and biotech activities.
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.
Fedde said that demand for buildings in the region has increased over the last couple of years.
“Thousand Oaks – which is known as a premier suburban community in the Conejo Valley offering residents a high quality of life – has seen an explosion of growth of high-tech and biomed companies since Amgen settled here in 1980, including recent major biotech venture capital investments. In addition, pandemic-related suburban migration and ecommerce demand has left very little high-quality industrial space in the market,” Fedde said.