The last 29 acres of buildable land in the Conejo Spectrum Business Park in Thousand Oaks has been sold to an Irvine investment and development firm.
Sares Regis Group and a financial partner bought the parcel on Conejo Spectrum Street, which lays between Rancho Conejo Boulevard and Conejo Spectrum Drive, according to Colliers International which brokered the deal out of its Encino office. A purchase price was not disclosed.
According to Colliers, Sares Regis plans to build nine industrial buildings totaling 500,000 square feet. The warehouses will range from 37,000 square feet to 100,000 square feet with 28- to 30-foot clear height ceilings, numerous dock-high loading doors, office space, high-performance sprinkler systems and fenced yards. The buildings will be built on speculation targeting logistics, manufacturing and high-technology tenants.
The property sits less than a mile from Highway 101 which provides access to the 5, 23 and 118 freeways.
Colliers’ Senior Executive Vice Presidents John DeGrinis and Patrick DuRoss, as well as the firm’s Jeff Abraham, negotiated the sale and will be handling the leasing. According to DeGrinis, industrial vacancy in the Conejo Valley is less than 1 percent.
“Market conditions warrant this new development,” DeGrinis said. “The buildings will suit the bulk of users’ needs. With 1 percent vacancy, there’s lots of pent-up demand for Class A buildings.”
In December, the 14-acre Conejo Spectrum office and industrial park at 1525 and 1535 Conejo Blvd. sold out of foreclosure for $13 million. And in September, a more than 347,000-square-foot industrial building in the Conejo Spectrum Business Park - Thousand Oaks’ largest industrial building - sold for more than $37 million.
Sares Regis has developed and acquired more than $7 billion in commercial and residential properties. The company manages about 21 million square feet of office and industrial space and more than 17,000 apartment units.