Newmark announces the $8.1 million sale of a 65,269-square-foot industrial building located at 1300 Rancho Conejo Boulevard in Thousand Oaks.
Newmark Executive Managing Director John DeGrinis and Senior Managing Directors Patrick DuRoss and Jeff Abraham represented the undisclosed private buyer who plans to redevelop the asset to house biotechnology labs to accommodate the rising number of industry users in Ventura County. The Newmark team also represented the seller, Arconic, in the transaction.
“Thousand Oaks is experiencing a boom in biotech demand and has been hyper-focused on expanding this sector,” said DuRoss. “This market has long been the home for prominent biotech companies such as Amgen and Takeda (formerly Baxter), but we are seeing a significant increase in capital and demand from smaller, growing biotech companies over the past two years.”
The sale of 1300 Rancho Conejo Blvd follows the successful $11.15 million sale, by the same Newmark professionals, on the adjacent two-building, 62,640-square-foot industrial property located at 1280 and 1290 Rancho Conejo Blvd. These properties are also being converted to biotech space and are predominantly leased to bio users.
The 1300 Rancho Conejo Blvd. property is a free-standing manufacturing facility located on 4.97 acres of land. It is conveniently located less than one mile from the 101 Freeway, and minutes from the San Fernando Valley. The building features 17’ to 18’ ceiling clearance and two ground-level dock doors. The asset also benefits from more than 5,000 square feet of office space with a landscaped atrium.
Thousand Oaks ranked the third safest city in the U.S., according to a 2018 Business Insider study. Thousand Oaks is adjacent to Los Angeles County, which has the nation’s second largest municipal health system, spending over $10 billion annually to serve its 10.3 million residents.
Life science companies tend to operate in clusters and Ventura County is part of the “101 Technology Corridor,” a 27-mile stretch of the 101 Freeway that runs from Woodland Hills through the Conejo Valley to Camarillo, according to Newmark research. The corridor is home to more than 200 technology companies across sectors including software, biotech, electronics, automotive and aerospace.
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 18,000 professionals operate from approximately 480 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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