Irvine-based developer Sares Regis Group has sold one of its newest and largest business parks, a 28-acre industrial site in the Ventura County city of Thousand Oaks.
The commercial real estate developer and investor, which builds both industrial and apartment projects, late last month completed the sale of Conejo Spectrum Business Park, a nine-building property totaling 530,000 square feet just off the Ventura (101) Freeway at Rancho Conejo Boulevard.
Rexford Industrial Realty Inc., a Los Angeles-based real estate investor with a $3.2 billion market cap, bought the site for $106.3 million or $200 per square foot.
Sares Regis bought the development site for a reported $24 million near the end of 2016, and completed construction about two years later.
It has since leased seven of the nine buildings to tenants like Amazon, Atara Biotherapeutics, Ferguson Enterprises Inc. and Sage Publishing.
Another industrial park closer to home is now in the works for Sares Regis.
Last September, the developer bought a former Boeing Corp. facility in Huntington Beach—one of the city’s largest office buildings.
The $72.8 million purchase—first reported by the Business Journal—included an eight-story, 285,000-square-foot office at 14900 Bolsa Chica St., and an adjoining industrial facility with excess land at the site.
Sares Regis is currently designing three industrial buildings totaling nearly 600,000 square feet on the 30-acre site. Company executives expect the industrial buildings to be complete in the first quarter of next year.
The office will be demolished to make way for the construction.
A similarly sized project is also in the works for the privately held firm about 30 miles up the San Diego (405) Freeway: the redevelopment of the former Toyota Motor Sales headquarters in Torrance.
The developer is in the midst of constructing a three-building, 450,000-square-foot project on a portion of the 117-acre site it purchased in 2017 for a reported $270 million. It’s the first new construction at the campus.
Sares Regis is also making a move of its own.
It recently signed a 24,934-square-foot office lease at 3501 Jamboree Road, part of Newport Beach’s Bayview Corporate Center. The company plans to relocate its headquarters there by June.
OC Buy
Meanwhile, Rexford Industrial has added a new OC property to its portfolio.
The company, which focuses on buying infill locations in Southern California, recently acquired a Garden Grove industrial property for $19.8 million, or $164 per square foot.
An affiliate of Brixton Capital LP sold the 120,800-square-foot single-tenant building on 7 acres of land. It was previously occupied by indoor athletic venue Next Level Sports Complex.
Colliers International Senior Executive Vice President Clyde Stauff brokered the deal, and will handle leasing.
Rexford plans to renovate the building at 12821 Knott St., and add 40,000 square feet of new 30-foot clear warehouse space.
“It will be positioned as a Class A warehouse distribution facility with corporate office component,” Stauff said. “We expect it to be a single tenant that is already in Orange County and needs to expand, or relocate, their operations.”
Targeted industries include e-commerce, aerospace and defense, apparel and building materials.
The company has nearly 180 properties in its portfolio. That includes close to 40 buildings in Orange County that total about 2.7 million square feet.
New HQ
Quantum Electronic Payments has bought a two-story office building in Anaheim Hills that will serve as its regional headquarters.
The Orange-based payment processing firm paid $4.4 million, or $292 per square foot, for the building at 8185 E. Kaiser Blvd. It’s a few blocks south of the Riverside (91) Freeway, along Weir Canyon Road.
Quantum’s President Jerry Lai said the new office will service its OC, L.A. and Inland Empire clients, and will support the company’s growth, adding that it aims to provide more than 100 jobs to the surrounding areas by the end of the year.
Irvine-based commercial real estate firm Stream Realty Partners LP brokered the deal.
