Newmark Capital Markets has completed the $44.05 million sale of a 100 percent leased, multi-tenant 347,119-square-foot R&D/industrial building located in the master-planned Conejo Spectrum Business Park in Thousand Oaks, CA.
Newmark Capital Markets Co-Head of U.S. Capital Markets Kevin Shannon, Executive Managing Director Bret Hardy, Managing Director Brad Burton and Associate Guillermo Boisson represented the seller, Majestic Asset Management. The buyer, Penwood Real Estate Investment Management, was self-represented.
“This property is a high-image industrial facility within the very tight Conejo Valley submarket, which has one percent vacancy and few remaining land sites for industrial development,” said Hardy. “With the industrial sector throughout Southern California pointing to continued user demand dwindling functional supply, we see continued inflationary-plus rent growth for properties such as Conejo Spectrum. These rent trends, coupled with outstanding demographics, currently below market rents, and significant tenant investment in the project, Conejo Spectrum represents a wonderful low-risk investment opportunity for Penwood.”
Originally built in 1962, the asset was renovated in 2000 and is located at 1461 to 1475 Lawrence Drive. The facility is situated on a 17.9-acre site and is fully occupied by four tenants including Sensata Technologies, LAC Group, Kanner Corporation and MB2 Raceway. The asset also offers easy access to the 101 and 118 freeways as well as the greater San Fernando Valley.
Majestic has been extremely active completing approximately $200 million of transactions in 2017 and nearly $80 million year-to-date with several others pending. Due to the company’s linear structure that does not include equity partners or investment committees, Majestic is able to make the acquisition and disposition process extremely fluid.
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, our strong foundation makes us one of the most trusted names in commercial real estate. We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark Group, Inc.
Statements in this document regarding Newmark Group, Inc. that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark Group, Inc. undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark Group, Inc.’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.