In what will eventually become the site of the Conejo Valley’s first new state-of-the-art industrial project of significant size to be completed in more than a decade, SARES•REGIS Group and a long-term institutional partner have purchased the last remaining 29 acres of developable land within the landmark Conejo Spectrum Business Park in the Ventura County municipality of Thousand Oaks, California, officials of Colliers International have reported.
In addition to handling the land sale, Colliers also has been appointed the exclusive leasing agent for the nine speculative state-of-the-art buildings totaling some 500,000 square feet. Construction will commence this month with building delivery set for the fourth quarter of 2017. Terms of the sale were not disclosed.
“For the first time in recent memory, an industrial project will offer mid-size and larger tenants in the Conejo Valley, San Fernando Valley and Ventura County new, state-of-the-art industrial buildings,” said Colliers Senior Executive Vice President John DeGrinis SIOR, who led the team of Colliers brokers in negotiating the sale. “These facilities, which will range in size from 37,000 to 100,000 square feet, are ideal for warehousing and logistics users, as well as manufacturing and high tech users. “With vacancy less than 1%, tenants in this region simply have not had the option to grow their businesses within modern buildings due to the lack of development over the past decade.”
Joining DeGrinis from Colliers on both the sales team and, now, on the leasing team, are Senior Vice President Patrick DuRoss, SIOR, and Jeff Abraham, SIOR.
“What this does is really put Thousand Oaks and, by extension, the Conejo Valley and east Ventura County, on the map as a viable warehousing, logistics and manufacturing location, enhancing its already solid reputation as a high-tech and research hub,” added DuRoss. “These are the most contemporary, up-to-date and high-profile industrial buildings to be offered in the history of the Conejo Valley. With a glass-and concrete design, the architecture is striking and this should be a landmark for years to come.”
Tenants who decide to occupy the buildings also will find secured and fenced yards, 28-to-30-foot ceiling clearances, an ample number of dock-high loading doors, high-image office space, and ESFR-certified sprinkler systems.
Located less than one mile from the Ventura Freeway (US 101), the state’s major coastal north-south highway between Los Angeles and San Francisco, it also has direct access to the Golden State Freeway (I-5), the Thousand Oaks Freeway (SR 23), Simi Valley Freeway (SR-118), and San Diego Freeway (I-405), all linking the area to the rest of Southern California. Additionally, it is near the San Fernando Valley and its vast network of freeways, airports and rail services. It also has a direct route to the twin ports of Long Beach and Los Angeles, as well as to the closer deep-water port of Port Hueneme near Oxnard, just 24.5 miles north of Thousand Oaks.
“This industrial park is highly desirable for a company seeking a newly constructed modern building – a rarity in this area – as well as a high profile and easily accessible location,” added DeGrinis. “Prospective tenants will also enjoy the close proximity to local retail and restaurants, and the overall high quality of life that includes outstanding schools.”
As for attracting an educated workforce, noted DeGrinis, there are many private and state universities and community colleges within the immediate area. They include California Lutheran University in Thousand Oaks, Pepperdine University in Malibu, California State Northridge, the University of California at Santa Barbara and the region’s newest institution of higher learning, Cal State Channel Islands, located between Camarillo and the Pacific Ocean. In terms of community colleges, institutions are located in Moorpark, Oxnard, Santa Barbara, Ventura and Woodland Hills.
“There should be no lack of trained, eager, and educated employees looking for jobs with some of the companies who will become tenants,” said DuRoss. It’s an ideal location for so many reasons – trained workforce, transit options, and a plethora of quality of life benefits.”