California Life Science Asset Sells for $26M
- Sep 10, 2019
A joint venture of Singerman Real Estate and HATCHspaces has acquired Think Here, a 160,980-square-foot life science/R&D office campus in Thousand Oaks, Calif. Harbor Associates sold the property for $26.2 million after three years of ownership, according to public records. Newmark Knight Frank represented both the seller and the buyer in the deal.
Situated at 1525 and 1535 Rancho Conejo Blvd., Think Here is within Conejo Spectrum, a 2.8 million-square-foot office and industrial micro-market. The campus is near the Ventura Freeway and is approximately 7 miles from downtown Thousand Oaks.
Constructed in 1961 and 1982, the R&D office campus encompasses two low-rise buildings spread across more than 14 acres. The campus features controlled access and more than 300 parking spaces. Additionally, the property at 1535 Rancho Conejo Blvd. features 15,000 square feet of laboratory space, according to Yardi Matrix data. Both buildings underwent significant renovations in 2017 and 2018, with upgrades including a new lobby and corridor finishes, outdoor amenities, landscaping and signage and lighting.
NKF’s team that brokered the sale on behalf of the seller included Executive Managing Director Sean Fulp, Managing Director Ryan Plummer, Director Mark Schuessler, Co-Head Kevin Shannon and Senior Managing Directors Rob Hannan, Michael Moll, Scott Schumacher and Laura Stumm. The buyer was represented by NKF’s Senior Managing Directors Jeff Abraham and Patrick DuRoss and Executive Managing Director John DeGrinis. In August, the brokerage firm also arranged the $18 million sale of a historic mixed-use property in Hermosa Beach, Calif.