A flex/industrial building in Thousand Oaks, California has been sold to a Chinese pharmaceutical company in a transaction valued at $9.89 million, Colliers International has reported.

Colliers and Chicago-based owner First Industrial Realty Trust successfully repositioned the building, located at 2300 Corporate Center Drive, by returning the building from its prior office use to its original industrial use consistent with the building’s history and demand in the submarket.
Previously, the property had been marketed primarily as an office building due to the 100 percent office build-out required by the previous tenant. Most of the re-positioning involved updates to the marketing approach and materials, as well as the physical removal of some ceilings to create 24-foot warehouse-ready clear heights, which also showcased the building’s flexible functionality.

“When a building like this hasn’t attracted the right user, you have to think outside the box,” said Colliers Senior Executive Vice President John DeGrinis, SIOR, who is based in the brokerage firm’s Encino office. “Since there has been so much interest in industrial space in this market, we decided, with a few building configuration and marketing changes, to transform it and drive some potential buyers to look at it in a different way, and not simply as an office building.” DeGrinis was joined on the Colliers marketing team by Vice President Patrick DuRoss and Associate Vice President Jeff Abraham.

The repositioning quickly generated strong new interest in the building, ultimately attracting a buyer-user that had been focused on buildings in Orange County. Herri Holdings Corporation, a China-based pharmaceutical manufacturer, intends to use the facility to begin its manufacturing activities in the United States, which is one of the first of its kind in the region.

“We highlighted the quality of the building, the surrounding area and the labor force to this buyer, demonstrating that this location would be a strong alternative to Orange County,” said DuRoss. “We are proud to help bring a pharmaceutical manufacturer to the area, which will hopefully bring many new jobs.”

The buyer purchased the building in an all-cash transaction. Representing the Chinese firm was ReMax broker Qiu Autumn Yuan of the firm’s Arcadia, California office.

Totaling 88,064 square feet, the concrete tilt-up structure sits on 5.37 acres.