According to brokers from Daum who represented the buyer, the new owner plans to convert the entire building to office space unless a tenant is found that needs the lab area. The 117,000 sf includes an 86,000-sf, four-story office tower and a 31,000-sf laboratory.
With a tight supply of office product in the surrounding area and very little new product under construction, the acquisition provides the buyer with opportunity to command high rents in an already strong office market, notes Ron Berndt of Daum, who represented Brentwood Capital along with fellow Daum broker Kevin Tamura.
The property is located near the Valencia Country Club and in the Santa Clarita Valley's main business district, which features a number of class A office buildings and corporate facilities. Borax moved out of the building as part of a relocation of its facilities to Denver. The company was represented by Victor Frandsen, Jim Lindvall and Alan Polacsek of Grubb & Ellis.
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