Penwood Acquires Industrial Asset for $44M
- Mar 09, 2018
Penwood Real Estate Investment Management has acquired a 347,119-square-foot R&D/industrial facility in Thousand Oaks, Calif., for $44 million. NKF Capital Markets arranged the sale on behalf of the seller, Majestic Asset Management. The buyer was self-represented in the deal.
Located at 1461 to 1475 Lawrence Drive, the industrial building is part of the master-planned Conejo Spectrum Business Park, near 101 and 118 freeways and the greater San Fernando Valley. The facility was originally constructed in 1962 and was renovated in 2000. The Class A facility occupies 17.9 acres and features a dock leveler, dock bumpers, truck court and loading doors. It is fully leased to four tenants: Sensata Technologies, LAC Group, Kanner Corp. and MB2 Raceway.
“With the industrial sector throughout Southern California pointing to continued user demand dwindling functional supply, we see continued inflationary-plus rent growth for properties such as Conejo Spectrum. These rent trends, coupled with outstanding demographics, currently below-market rents, and significant tenant investment in the project, Conejo Spectrum represents a wonderful low-risk investment opportunity for Penwood,” said Executive Managing Director Bret Hardy of NKF Capital Markets, in prepared remarks.
Hardy, together with Co-Head of US Capital Markets Kevin Shannon, Managing Director Brad Burton and Associate Guillermo Boisson represented the seller in the transaction.
Image courtesy of Yardi Matrix