Lee & Associates-LA North/Ventura Transacts 7.8-Acre Industrial Land Sale in Thousand Oaks, CA
Local developer to build 75,000 SF of for-sale industrial product
THOUSAND OAKS, CA –April 22, 2014 – Conejo Merchant, Ltd., has acquired nearly eight acres of land for the development of a hybrid commercial planned development and commercial condominium complex on Conejo Center Drive in Thousand Oaks, CA, according to Mike Tingus, president, and Grant Fulkerson, principal, of Lee & Associates-LA North/Ventura who represented both the buyer and seller in the transaction. Conejo Merchant, Ltd. is a joint enterprise of Martin Teitelbaum, a prolific VenturaCounty industrial developer and Hugh Cassar, a dynamic local entrepreneur and philanthropist.
Additional terms of the deal were not disclosed.
The developer plans to build approximately 75,000 square feet of industrial space consisting of seven free standing buildings ranging in size from 4,000 to 8,000 square feet and commercial condominiums ranging in size from about 1,800 to 3,000 square feet, designed to accommodate demand in the market, where vacancy levels have been declining for over a year.
“This purchase and its ensuing development reflect a real turning point for the market,” Tingus said. “This is the first speculative industrial development inThousand Oaksin over a decade, and when you see a builder-developer of Martin Teitelbaum’s caliber launching a speculative project, it points to the strength of the submarket and the sector.”
Industrial vacancies in the Thousand Oaks/Newbury Park submarket fell to 5.5 percent in the first quarter of 2014, descending from the 6.4 percent level in the fourth quarter of 2013. Similarly, both lease rates and sales prices have been rising. There is virtually no new industrial product for sale in the submarket.
“Our marketing efforts have yielded a number of buyers interested in building a project on spec as well,” added Fulkerson. “That further reinforced what we already knew about the strength of the market.”
Martin Teitelbaum Construction has been developing and constructing commercial projects in Southern California andNevadasince the early 1980’s. Teitelbaum and Cassar are also planning to break ground on another industrial project in Agoura Hills next year.
The seller, the City of Thousand Oaks, divested the parcel with industrial zoning in place, allowing for a relatively swift timeline for completion. Conejo Merchant, Ltd. expects to break ground in the fourth quarter of this year with a planned completion date in mid-2015.
The concrete tilt-up free standing buildings and condominiums are sized to accommodate the types of small-to mid-sized users that are typically found in the Conejo Valley.