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Penwood Picks Up 350K-SF T-Oaks Property for $44M
Hartford, CT-based Penwood Real Estate Investment Management acquired a multi-tenant, 347,119-square-foot R&D/industrial building located in Thousand Oaks, CA from Majestic Asset Management for $44.05 million. The asset is located in the master-planned Conejo Spectrum Business Park.
Originally built in 1962, the property was renovated in 2000 and is located at 1461 to 1475 Lawrence Dr. The 100%-leased facility is situated on a 17.9-acre site, and is occupied by four tenants including Sensata Technologies, LAC Group, Kanner Corporation and MB2 Raceway.
NKF Capital Markets’ Kevin Shannon, Bret Hardy, Brad Burton and Guillermo Boisson represented the seller. The buyer was self-represented.
“This property is a high-image industrial facility within the very tight Conejo Valley submarket, which has one percent vacancy and few remaining land sites for industrial development,” said Hardy, who notes tight market conditions and elevated user demand is expected to drive inflationary-plus rent growth.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


