The property, located at 1461 – 1475 Lawrence Drive in the Conejo Spectrum Business Park, is a high image, research & development facility and is 100 percent leased to four tenants. The 347,119 square foot industrial building sits on approximately 18 acres.
“This is by far the largest industrial property in Thousand Oaks, where vacancies are currently below 1.5 percent,” said Gregg. “Plus, the Conejo Spectrum Business Park is widely regarded as one of the major hubs of technology and research activity in Southern California.”
Custom Sensors and Technologies, a manufacturer of aerospace hardware, is one of the tenants and recently invested $4 million to retrofit the property to its specific needs and occupies 33 percent of the project. Library Associates, Inc. spent $488,000 to upgrade their premises.
“Increasing construction costs and land values coupled with a lack of available land sites have created great barriers to new development in the Conejo Valley,” said Slater. “This makes this property a great and safe opportunity for the new owner.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.