Thousand Oaks’ largest industrial building has sold for more than $37 million to a local investor.

Van Nuys’ Majestic Asset Management Inc., which buys, develops and manages commercial and multifamily residential properties, bought a more than 347,000-square-foot industrial building in the Conejo Spectrum Business Park, according to L.A.-based brokerage CBRE Group Inc.

Sitting on about 18 acres, the building at 1461 to 1475 Lawrence Drive is a research and development facility that was fully-leased at the time of the sale, CBRE said. Two of the four tenants include aerospace hardware manufacturer, Custom Sensors and Technologies, and Library Associates Inc., which spent $4 million and $488,000 respectively for upgrades to their spaces, according to CBRE.

The structure was built in 2000.

CBRE’s Nicholas Gregg, Bob Boyer, Michael Slater, Tom Dwyer and Barbara Emmons negotiated the deal on behalf of Majestic and the seller. Val Achtemeier, also with CBRE, secured a $26.6 million loan for Majestic to acquire the property.

“This is by far the largest industrial property in Thousand Oaks, where vacancies are currently below 1.5 percent,” Gregg said.

Rising construction costs and land values along with lack of available land for development in the area are motivating investors to acquire locally, Slater said.