The Sares-Regis Group bought 29 acres of land at the Conejo Spectrum Business Park in Thousand Oaks with plans to build out industrial buildings, according to Colliers International.
The property management company with an office in Goleta partnered with an investment firm to purchase the land near Rancho Conejo Boulevard and Conejo Spectrum Drive for an undisclosed price.
Sares-Regis aims to build more than 500,000 square feet of industrial space across nine buildings, which will likely be in high demand given the limited supply of industrial space, Colliers said in a news release.
Long Beach investment firm Harbor Associates bought a 14-acre portion of the park in December for $13 million after the property went into foreclosure. In September, Van Nuys-based real estate company Majestic Asset Management purchased a 347,000-sqaure foot industrial building at Conejo Spectrum – the largest industrial building in Thousand Oaks – for $37 million.
Sares Regis owns and manages more than 21 million square feet of office and industrial space, including some of the Cabrillo Business Park in Goleta. It sold 7 acres to Jordano’s Pacific Beverage Co. in 2015 for its 102,000-square-foot regional distribution center.
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