THOUSAND OAKS, California – SARES REGIS GROUP completed construction and sold two headquarters-distribution buildings totaling 172,516 SF in the Conejo Spectrum Business Park for $69.5 million to a private investment group, which is aiming to lease up the just-completed, state-of-the-art buildings.
“Demand for quality space among companies planning for growth still is running ahead of supply. 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,” said Steve Fedde, development partner of SRG Commercial Development.
The pair of buildings are the last in SRG’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.” Fedde said.
The state-of-the-art buildings are notable for their contemporary, high-profile glass-and-concrete designs. They will be ideal for last mile distribution and logistics use as well as for companies engaged in light manufacturing and bio-tech activities, Fedde said.
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, 30 feet of clear height, 1,000 amps (expandable to 3,000), 277-480 volts, three-phase power, 201 parking stalls, 28 EV and bike parking stalls, and secured trucking. The second building at 1489 Lawrence Dr. with 83,570 square feet is similarly supported.
“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 bio-tech 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.
Conejo Spectrum is just off the Ventura Freeway (US 101) at Rancho Conejo Boulevard with excellent access to the Golden State Freeway (I-5) and San Diego Freeway (I-405), Moorpark Freeway (SR 23), and Ronald Reagan Freeway (SR 118). The Ventura County municipality of Thousand Oaks is 35 miles northwest of downtown Los Angeles and Conejo Spectrum Business Park is 20 miles east of the deep-water port of Port Hueneme near Oxnard, California.
Thousand Oaks is known as a well-managed master-planned city with safe neighborhoods and a highly regarded school system. Workers at the buildings will enjoy panoramic views of local mountains, outdoor amenities offered by the nearby Conejo Canyons Open Space, as well as an abundance of nearby shops and Restaurants.
Conejo Spectrum also is close to a number of top public and private two and four-year colleges and universities, including Lutheran University in Thousand Oaks, Pepperdine University in Malibu, University of California at Santa Barbara and California State University campuses in Northridge and Channel Islands. SRG is represented by brokers Tom Dwyer and Bennett Robinson of CBRE. Buyer is represented by JB Green of Colliers.
SARES REGIS GROUP in Newport Beach, California, is a privately held development and management firm that focuses on commercial properties and multifamily communities in the western U.S. Since its founding in 1993, SRG has developed and acquired more than $7 billion in commercial and residential assets. The company manages a combined portfolio of approximately 21 million square feet of office and industrial space and 17,300 apartment units.
