Activity has been slow in the R&D property sector for the past three years, according to DeGrinis. "R&D buildings have not seen much activity since the boom times of the tech explosion in the early part of the decade," DeGrinis says. "The TestEquity lease is one of the largest transactions of its type in recent history for the Eastern Ventura County region, he adds.
The space at 6100 Condor Dr. will become the headquarters for TestEquity, which specializes in the sale and rental of new and used electronic test equipment. DeGrinis notes that since R&D properties have higher proportions of office space, along with mezzanine floors, they allow for improved manufacturing operations typically associated with high-tech, electronic manufacturing uses.
DeGrinis, along with Patrick DuRoss, senior associate, and Jeff Abraham, associate, represented the landlord, Marcus Adams Properties, in the seven-year, $3.76 million triple-net lease. TestEquity was represented by Mitchell Conlee, executive vice president at Daum Commercial Real Estate Services, who assisted the company in locating a facility to consolidate its four-building operation currently in Thousand Oaks.
According to DeGrinis, landlord's flexibility in adapting the property to TestEquity's needs was a key to the successful execution of the deal. In addition, he says, the landlord displayed a "forward-thinking approach in structuring a creative and economically attractive transaction in these challenging economic times."
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