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Industrial pricing in the Conejo Valley is heading to record levels. Rexford Industrial recently purchased a 49,585-square-foot value-add property for $133 per square foot, one of the highest per-square-foot prices in the market. It’s no surprise values are heading up. The market, which sits north of Los Angeles and serves a strong manufacturing tenant base, has a sub 1% vacancy rate and growing demand. While the market is still a discount to the adjacent San Fernando Valley, there is momentum that could produce significant pricing increases this year.

“This was a 50,000 square foot building on a really large lot, so the coverage on it was only 28%,” Mike Tingus, president of Lee & Associates L.A. North/Ventura office, tells GlobeSt.com. “For the right buyer, it was a rare value-add opportunity, and there aren’t many in this market. There are not many buildings for sale, and there is such a pent-up demand that if you can find a building like this and reposition it with the amenities that industrial users want, like dock-high loading, it is a good opportunity.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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