November 3, 2021 9:00 AM
Newmark announced the groundbreaking of Tapo Canyon Commerce Center, a five-building 344,000 square foot Class A industrial complex located at 1800 Tapo Canyon Drive in Simi Valley, California. The project is owned and being developed by Stream Realty Partners (Stream), a national real estate services, development, and investment company, and joint-venture partner QuadReal Property Group (QuadReal), a global real estate investment group.
Newmark Vice Chairman John DeGrinis, SIOR, Executive Managing Director Patrick DuRoss, SIOR and Senior Managing Director Jeff Abraham, SIOR are handling the leasing of the project.
“Today’s groundbreaking ceremony is the result of remarkable focus and collaboration from everyone involved with this project since we acquired the property last summer,” said Scott Sowanick, Senior Director at Stream. “We are beyond appreciative for the City of Simi Valley’s consistent support throughout the development process and could not be more excited to transform our vision of Tapo Canyon Commerce Center into a reality.”
“This project will provide much needed relief to companies seeking modern industrial buildings in this supply constrained market. We have already experienced an incredible amount of interest from a diverse mix of companies and size requirements. One of the unique components of this project is that it can accommodate 19,000 square feet up to 344,000 square feet. These buildings can’t go up fast enough,” said DuRoss.
The brand new, modern industrial buildings range from 25,786 square feet to 135,579 square feet and provide tenants leasing options from 19,239 square feet to the entire 344,056-square-foot campus. Sprawling on 18 acres, Tapo Canyon Commerce Center presents high-image street frontage along Tapo Canyon Road and Los Angeles Avenue and proximity to the San Fernando Valley and overall North Los Angeles region. Features include 28 to 36-foot clear height, window-lined office space, above regional standard dock high loading, five different access points to campus and immediate 118-Freeway access.
The project architect is HPA Architecture, civil engineer is Kimley-Horn, and KRPS is the project’s general contractor.
The city of Simi Valley is extremely business friendly, is home to a productive labor force and benefits from Ventura County’s overall cost and quality of life. Neighboring companies include Amazon, Bank of America, Ricoh Printing Systems, UPS Freight, Milgard Manufacturing, Entertainment Earth and Aerovironment, to name a few. LA North, inclusive of Simi Valley, accounted for 42.7 percent of Greater Los Angeles’ quarterly net absorption activity for 3.4 million square feet, according to Newmark Research. Healthy consumer spending, government stimulus, improving labor markets, growing e-commerce sales in conjunction with global supply chain issues not abating anytime soon favor strong industrial leasing fundamentals with rent growth likely to persist as a result.
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About Stream Realty Partners
Stream is a commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 950 real estate professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, Northern Virginia, Phoenix, San Antonio, San Diego, and Washington, D.C. Stream completes more than $3.3 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.
About QuadReal Property Group
QuadReal Property Group is a global real estate company headquartered in Vancouver, British Columbia. Assets under management are $61.2 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has evolved its capabilities to invest in public and private debt and equity markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest. QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come. QuadReal: Excellence lives here. www.quadreal.com
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.2 billion for the trailing twelve months ending June 30, 2021. Newmark’s company-owned offices, together with its business partners, operate from over 160 offices with approximately 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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