The developer of industrial properties and multifamily project said this month it began work on another phase of industrial development at a Thousand Oaks business park called Conejo Spectrum Business Park.
The company is planning to build a two-building project at the site, totaling a little more than 172,000 square feet.
Both buildings, known as the Conejo Spectrum Gateway, will be ready for tenant build-out by the third quarter of this year.
“Thousand Oaks—which is known as a premier suburban community in the Conejo Valley offering residents a high-quality of life—has seen an explosion of growth of high-tech and biomed companies since Amgen settled here in 1980,” said Steve Fedde, senior vice president of Sares Regis’ Commercial Development division, in a statement.
“In addition, pandemic-related suburban migration and e-commerce demand has left very little high-quality industrial space in the market.”
Architecturally, the buildings will have contemporary glass-and-concrete designs, said Fedde, who pegs the facilities as “ideal for warehousing and logistics use as well as for companies engaged in light manufacturing and high-tech activities.”
In 2017, Sares Regis developed an initial batch of industrial buildings at the Conejo Spectrum park, whose collection of buildings totaled a little more than 500,000 square feet. Amazon counts the area home for a fulfillment center, among other tenants.
Those buildings, which ranged from 37,000 square feet to 98,000 square feet, leased quickly during construction. Sares Regis sold the project in 2019 to Los Angeles-based Rexford Industrial Realty for $106.3 million.
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Closer to home, Sares Regis has a pair of industrial projects underway in Huntington Beach.
Amazon is set to occupy the entire first phase of Huntington Gateway Business Park, a nearly 260,000-square-foot building and 18 acres of excess land currently under development by Sares Regis at the intersection of Bolsa Chica Street and Bolsa Avenue.
News of the lease, on a site previously used and owned by Boeing, was first reported by the Business Journal.
In addition to the 30-acre Huntington Gateway Business Park site that it bought in 2018, it also owns the site next door, at 5264 Bolsa Ave.
It plans to build six new industrial buildings totaling about 1 million square feet on that roughly 56-acre site, which it bought from Boeing in 2019 for about $113 million.
Construction on that project has yet to kick off.
Michael Aushenker, with sister publication San Fernando Valley Business Journal, contributed to this report.
