Lee & Associates-LA North/Ventura Transacts Industrial Sale for the Conejo Valley Unified School District
Team Devises Unconventional Solution to Fulfill Requirement in Supply-Constrained Market
NEWBURY PARK, CA – Nov. 5, 2015 – Lee & Associates-LA North/Ventura principals Mike Tingus and Grant Fulkerson in conjunction with Joel Kirschenstein of Sage Realty Group executed two industrial sales totaling just under 50,000 square feet to relocate maintenance and operations facilities for the Conejo Valley Unified School District.
The combined value for both transactions, at 750 Mitchell Road and 667 Rancho Conejo in the Ventura County submarket of Newbury Park, CA is $6,280,000.
Lee LA North/Ventura and Sage Realty, a Westlake Village-based consulting firm specializing in surplus property, strategic asset management, land use entitlements and government relations, operate under a strategic alliance and are currently representing multiple school districts and municipalities throughout the state. Tingus, Fulkerson and Kirschenstein represented Conejo Unified in both transactions, and Tingus and Fulkerson also represented the seller of 750 Mitchell Road, 3K Properties, LLC.
“The 10-acre site where maintenance and operations had been located for many years was underutilized,” said Tingus. “The value of that property had greatly appreciated over the time the district owned it, and officials believed it was the right time to divest that property and move to a more efficient facility.”
The team located the 750 Mitchell Road property, but at 37,224-square feet, the building fell short of the district’s needs, so a second building was identified with 12,236 square feet directly behind and adjacent to the Mitchell Road property, and the team negotiated its sale.
“The location of 667 Rancho Conejo directly behind the Mitchell Road building makes it possible to connect both buildings and provide a fully functional space that meets the school district’s needs,” Tingus said. “Necessity is truly the mother of invention. We’d been working with the school district for about three years, and it was pretty clear to us that we weren’t going to find a turnkey solution, so we had to start thinking outside the boundaries of convention.”
Fulkerson added: “The school district needed a facility that would house its operations as well as sufficient parking for its maintenance vehicles, and they needed to remain in the same local area where larger buildings are rare. With this solution they have the space they need for maintenance and operations, and they will fold the continuation high school into their headquarters campus on Janss Road, which is an ideal location for it across the street from the Thousand Oaks Library.”
In addition to its maintenance and operations departments, Conejo Valley Unified will house its administrative offices, a print lab and storage facilities at the new space.
Bob Boyer and Michael Slater of CBRE represented the seller of the 667 Rancho Conejo property, SIMA Rancho Conejo, LLC.