Rexford Buys R&D Site for $23 Million

Rexford Industrial Realty has purchased a multi-tenant, class B industrial site in Newbury Park — built in 1970 and renovated in 2018 — for $23.7 million. The building at 2328 Teller Road, which spans 126,317 square feet on an 8-acre site, is known as Newbury Industrial Park. The multi-tenant property was 93 percent occupied at time of sale. Andrey Mindirgasov, of Newmark Knight Frank, represented buyer Rexford. Sean Fulp, Ryan Plummer, Mark Schuessler, John R. DeGrinis, Patrick DuRoss and Jeff Abraham, of Newmark Knight Frank, represented the seller Sunbelt Investment Co. The same Woodland Hills-based Newmark Knight Frank team recently sold the nearby nine-building Conejo Spectrum in a $105 million portfolio. The Teller Road sale coincides with the city of Thousand Oaks making overtures to import more biotech businesses into the Conejo Valley. In September, the City Council changed a 1970 law requiring research and development firms to get a special-use permit before opening in an industrial zone. Also that month, a joint venture between Los Angeles-based HATCHspaces and Singerman Real Estate in Chicago completed the acquisition of the Think Here campus in Thousand Oaks, which they will re-develop into the HATCHcampus, a collection of life science facilities. HATCHcampus will be located in the Conejo Spectrum at 2380 Conejo Spectrum St.