Simi Project Seeks to Add Large Space

Stream Realty Partners and joint-venture partner QuadReal Property Group will commence construction this August on Tapo Canyon Commerce Center, a fully entitled five-building industrial complex located at 1800 Tapo Canyon Drive in Simi Valley.The new, modern industrial buildings range from 25,786 square feet to 135,579 square feet and provide tenants leasing options from 19,239 square feet to the entire 344,056-square-foot campus. The project is anticipated to deliver to the market in fall 2022.

Covering 18 acres, Tapo Canyon Commerce Center presents high image street frontage along Tapo Canyon Road and Los Angeles Avenue and proximity to the San Fernando Valley and overall North Los Angeles region. Features include 28- to 36-foot clear height, window-lined office space, above regional standard dock high loading, five access points to campus and freeway access.

Newmark’s Executive Managing Directors Patrick DuRoss and John DeGrinis and Senior Managing Director Jeff Abraham are the leasing agents on this project.

“Despite acquiring the property during peak market uncertainties in the summer of 2020, our team’s forward thinking and conviction in this site’s potential for modern industrial product never wavered,” said Senior Director at Stream Scott Sowanick. “We could not be more excited to officially announce Tapo Canyon Commerce Center to the market, and we are confident that our project’s state-of-the-art design will offer companies in Simi Valley and across the region the ability to efficiently operate their businesses for years to come.”DuRoss added: “This site was previously utilized as a one-story office building that no longer had strong demand or utility in today’s market. Conversely, we are experiencing unprecedented levels of demand for modern industrial buildings throughout the North Los Angeles region. Our team worked together with Stream and the City of Simi Valley to ensure the design of these buildings would be ideal in accommodating the needs of the companies who are growing in the region. We are thrilled to see this break ground in the coming months and to be marketing a project of this caliber.”With a total inventory of 1 billion square feet of industrial space, L.A. County’s vacancy rate has remained below 3 percent for 36 consecutive quarters, making it the lowest industrial vacancy rate in the nation, according to Newmark Research. Tenants have already taken 97.2 percent of the 8.9 million square feet of new supply in the last 24 months.