Investcorp Acquires 347,119 SQFT Industrial Complex in Greater Los Angeles for $63MM

Newmark, Newbury Park, Investcorp, Kavlico Corporation, U-haul, Conejo Industrial, Amazon, Takeda Pharmaceuticals, Atara Biotherapeutics, Amgen Inc., Penwood Real Estate

By Catherine Sweeney 

Industrial properties in the Greater Los Angeles area continue to be in high demand by investors. In a recent transaction, a 347,119 square-foot logistics facility in Newbury Park recently traded hands. According to a third quarter Los Angeles industrial market report from Newmark, the property was acquired by Investcorp for $63 million, or approximately $182 per square foot.

Located at 1461-1475 Lawrence Drive on 17.9 acres of land, the property, also called Conejo Spectrum Industrial, consists of five rentable units ranging from 40,000 to 115,000 square feet, according to Pentwood Real Estate, which previously owned the property. Current tenants at the property include Kavlico Corporation and U-haul, among a few others. 

The property is located in a primarily industrial area, which is home to various manufacturing, distribution and research facilities. Neighboring tenants include Amazon, Takeda Pharmaceuticals, Atara Biotherapeutics, Amgen Inc. and more. The property is also in close proximity to State Road 101, which provides easy access to the rest of the Greater Los Angeles area. 

Conejo Industrial was last sold in 2018 to Penwood Real Estate. The company purchased the property for approximately $44 million, or approximately $126 per square foot. 

“This was an opportunity to acquire a fully leased building at an attractive basis below replacement cost. Fundamentals remain strong in the LA North market and the location provides access to the affluent Conejo Valley with an Average Household Income of $160,820, making the location ideal for a diverse array of warehouse distribution tenants,” Nick Pellico, Senior Vice President of Acquisitions with Penwood Real Estate said at the time of the purchase. 

Founded in 1996, Investcorp has acquired approximately 1,025 properties valued at more than $21 billion. The global real estate investment company owns properties across the U.S., Europe and India. In the U.S. alone, Investcorp’s industrial portfolio is valued at $2.8 billion, and consists of approximately 27 million square feet across 385 buildings.