North L.A. Industrial Land Tightens

A rendering of Sares Regis’ development

LOS ANGELES—Sares Regis has acquired the last remaining development parcel at Conejo Spectrum Business Park, the first large-scale industrial project in the market in more than a decade. Sares plans to build nine speculative industrial properties on the 29-acre site totaling 500,000 square feet. The sales price of this off-market deal was not disclosed, but this was a coveted plot of land. The Conejo Valley market has a sub 1% vacancy rate and limited land for new development.

““It is very difficult to find a site this large anywhere in North Los Angeles, and the opportunity to develop and own 500,000 square feet of brand new industrial product is extremely challenging to accumulate in this market,” John DeGrinis, a senior executive VP at Colliers International, tells GlobeSt.com. “With such little land available, there has been a lack of new construction over the past decade. The high end, modern elements that Sares Regis is incorporating into the design of the project will give them a significant long-term competitive advantage over existing industrial product in the region.” DeGrinis represented the buyer in the deal along with his colleagues Patrick DuRoss and Jeff Abraham.