Lee & Associates Closes $11M Simi Valley Sale
- Oct 25, 2019
Lee & Associates-LA North/Ventura has brokered the $11 million sale of a 60,416-square-foot R&D property in Simi Valley, Calif. President Mike Tingus and Principal Grant Fulkerson represented the seller in the sale-leaseback deal. In a recent transaction, another Lee & Associates team closed an $18 million sale in Glendale, Calif.
Tingus and Fulkerson, along with Associate Will Poole, will continue to handle leasing efforts on behalf of the new owner, private investor Albert Halami. Located at 685 E. Cochran St., the fully leased facility traded at $183 per square foot. The price translates into one of the highest per square foot for this product class in the region. Halami plans to continue the renovation program and further enhance the asset.
The seller, 685 Cochran Holdings, will retain its operations at the property. SensoScientific, one of its businesses, manufactures temperature monitoring systems for the health-care industry. Other tenants at the building include Hangman Products, Brown & Brown Insurance, Bio-Dent and TYLT.
Built in 1986, the two-story property features 22’-24’ clear heights, two dock-high and three grade-level loading doors. The second floor has about 20,000 square feet of general and engineering office space, which underwent a complete upgrade in 2015. The facility has immediate access to Highway 118 and is proximate to several retail and dining options, including the Simi Valley Town Center mall.
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