THOUSAND OAKS, Calif., March 7, 2017 /PRNewswire/ -- SARES•REGIS Group and a long-term institutional partner have mobilized to break ground for a collection of nine premium industrial buildings totaling 507,878 square feet for lease in Thousand Oaks, California. Planned for delivery in the fourth quarter, the state-of-the-art buildings at the Conejo Spectrum represent the first major development in the exclusive suburban submarket in more than a decade.
"Because there are virtually no available facilities in this area – a hub for high-tech, research, manufacturing and regional distribution – we are already actively negotiating with local companies and finalizing the first lease before construction even starts. Buildings range in size from about 37,000 square feet to 100,000 square feet," said Steve Fedde, project partner and senior vice president of SRG Commercial Development.
The new facilities will be built to LEED specifications on the remaining 29 acres in the landmark business park in the Conejo Valley, which is part of the 170-million-square-foot north Los Angeles market. The current vacancy rate is less than 1 percent, according to Colliers International.
"The buildings will be architecturally notable for their contemporary, high-profile glass-and-concrete designs. They will be ideal for warehousing and logistics use as well as for companies engaged in light manufacturing and high-tech activities," Fedde said.
The buildings will have secured yards, 28-foot to 30-foot interior clear heights, dock-high loading doors, ESFR sprinkler systems and high-image office space.
Conejo Spectrum is just off the Ventura Freeway (US 101) at Rancho Conejo Boulevard with excellent access to the Golden State Freeway (I-5) and San Diego Freeway (I-405), Moorpark Freeway (SR 23), and Ronald Reagan Freeway (SR 118). The Ventura County municipality of Thousand Oaks is 35 miles northwest of downtown Los Angeles and Conejo Spectrum Business Park is 20 miles east of the deep-water port of Port Hueneme near Oxnard, California.
"Thousand Oaks is known as a well-managed master-planned city with safe neighborhoods, and a highly regarded school system. Business park employees will enjoy fantastic views of local mountains, outdoor amenities offered by the nearby Conejo Canyons Open Space, as well as abundant retail and food amenities nearby," Fedde said.
Conejo Spectrum is also close to a number of top public and private two- and four-year colleges and universities, including Lutheran University in Thousand Oaks, Pepperdine University in Malibu, University of California at Santa Barbara and California State University campuses in Northridge and Channel Islands.
SRG was represented by brokers John DeGrinis, Patrick DuRoss and Jeff Abraham in Colliers International's Encino, California, office.
SARES•REGIS Group of Irvine, California, is a privately held real estate development, investment and management firm that focuses on commercial properties and multifamily communities in the western U.S. Since its founding in 1993, SRG has developed and acquired more than $7 billion in commercial and residential assets. The company manages a combined portfolio of approximately 21 million square feet of office and industrial space and 17,300 apartment units.
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SOURCE SARES-REGIS Group