Sares Regis to Deliver 9 Industrial Buildings near LA
- Mar 09, 2017
Los Angeles—Sares Regis Group has teamed with a long-term institutional partner to bring a collection of nine premium industrial buildings to the Conejo Spectrum Business Park in Thousand Oaks, Calif.
The project will total 507,878 square feet when completed and buildings will range in size from approximately 37,000 to 100,000 square feet. Each building will feature secured yards, 28- to 30-foot interior clear heights, dock-high loading doors and high-image office space.
“The buildings have high clearances, ESFR sprinklers and where they’re situated backs up to a number of open space areas, such as hiking trails, so it’s nice amenities for the employees,” Steve Fedde, SRG Commercial Development’s senior vice president told Commercial Property Executive.
Located just off the Ventura Freeway (US 101) at Rancho Conejo Boulevard, the properties will offer excellent access to the Golden State Freeway (Interstate 5), San Diego Freeway (I-405), Moorpark Freeway (State Road 23) and Ronald Reagan Freeway (SR 118).
The new facilities will be built to LEED specifications on the remaining 29 acres in the landmark business park in the Conejo Valley. The first buildings will be ready for delivery in the fourth quarter of 2017.
The property represents the first major development in the exclusive suburban submarket in more than a decade.
“There hasn’t been any new product built for a very long time in the greater North L.A. market place, which is about a 170 million-square-foot market,” added Fedde. “It’s been a pretty flat economy the last number of years, but things are picking up and there’s been demand and there’s a need for state-of-the-art developments.”
Colliers International’s latest market report for the area reveals the industrial vacant rate is less than 1 percent.