Newmark has announced it has completed the sale of Newbury Industrial Park, a 126,317-square-foot, multi-tenant industrial building, located at 2328 Teller Road in the Conejo Valley submarket of Thousand Oaks, CA for $23.3 million, or $184 per square foot.
The seller, Newbury Industrial Associates, LLC, was represented by Newmark’s Sean Fulp, Ryan Plummer, Mark Schuessler, Jeff Abraham, John DeGrinis and Patrick DuRoss. The buyer, Rexford Industrial Realty, L.P., was represented by Newmark’s Andrey Mindirgasov.
Situated on 8.13 acres, Newbury Industrial Park was originally built in 1970 but underwent a renovation that was delivered in 2018. It is 93 percent occupied by 13 tenants and is within the Conejo Spectrum, a 2.8 million-square-foot office and industrial micro-market that is one of the tightest throughout Ventura County. The asset features 20’ to 22’ clear height, 16 grade-level doors with one dock-high loading area and is accessible via three separate entrances.
“As one of the premier industrial assets in the Conejo Valley, the buyer pool was deep, creating a very competitive process representative of industrial demand throughout greater Los Angeles,” said Plummer.
“Conejo Valley is seeing an extremely low industrial vacancy that is hovering just above one percent with unwavering demand,” added Fulp.
The well-maintained property offers its tenants convenient access to major transportation corridors including U.S. Route 101, as well as the Ports of Los Angeles and Long Beach.
About Rexford Industrial
Rexford Industrial, a real estate investment trust focused on owning and operating industrial properties throughout Southern California infill markets, owns 207 properties with approximately 25.2 million rentable square feet and manages an additional 19 properties with approximately 1.0 million rentable square feet. For additional information, visit www.rexfordindustrial.com.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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