Largest industrial building in Thousand Oaks sells for $37 million
The largest industrial building in Thousand Oaks was sold for $37 million, according to CBRE.
Van Nuys-based real estate company Majestic Asset Management purchased the fully leased property at 1461-1475 Lawrence Drive from Austin, Texas-based Western National Life Insurance Co., a subsidiary of AIG. Majestic secured a $26.6 million balance sheet loan for the deal, CBRE announced on Sept. 22.
The 347,119-square-foot building sits on an 18-acre parcel at the Conejo Spectrum Business Park, equating to about $107 per square foot. That comes in at less than the around $120 per square foot average for buildings larger than 100,000 square feet, CBRE said in a news release.
The industrial space hosts four tenants including Custom Sensors and Technologies, the aerospace hardware developer that was recently acquired by Sensata Technologies. Custom Sensors, which operates about a third of the building, invested about $4 million in tenant improvements, according to CBRE.
Ventura County commercial real estate markets are tightening and the industrial market vacancy is below 4 percent, according to DAUM Commercial Real Estate’s second quarter report. The Conejo Valley ended the quarter with the lowest total vacancy in the county at 1.7 percent.
Industrial triple-net rental rates increased 3.1 percent year over year, increasing from 65 cents to 67 cents per square foot countywide. The Conejo Valley had the highest rate at 94 cents per square foot.
There were no new construction projects in the second quarter, which has caused an uptick in prices and investment activity, DAUM said.
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