2017-03-16 / Business
Work underway on giant industrial development in Newbury Park
After a long hiatus for construction in the area, a new industrial complex is underway in Newbury Park.
Sares-Regis Group last week broke ground on a nine-building development in the Rancho Conejo area, home of the Amgen campus.
“This is great news for the city,” Economic Development Manager Haider Alawami said in an interview. “We have a vacancy rate of less than 1 percent for industrial (buildings) so when I try to help companies looking for spaces, it’s really difficult.”
Alawami said the vacancy rate used to stay consistently around 8 or 9 percent, but that was a few years ago before the Great Recession. Because it’s been about a decade since the city’s seen a surge in new building, the few available industrial spots in the area are older and often outdated, he said.
The new buildings are anything but.
“This is going to be a shot in the arm for us,” Alawami said of the Sares-Regis project. “A lot of those older buildings serve their purpose, but these new buildings with state-of-the-art features will help attract new business.”
The collection of buildings totals a little over a half-million square feet with individual buildings ranging in size from 37 square feet to 100,000 square feet.
The buildings will have a glass and concrete design with a 28-foot to 30-foot interior.
“They will be perfect for everything from high-tech to e-commerce and even light manufacturing,” said Steve Fedde, project partner and senior vice president of SRG Commercial Development.
Fedde said the company chose the location because of the tight market, but also its proximity to Los Angeles and the San Fernando Valley. Another factor was the area itself, he said.
“The quality of life elements that are built into Thousand Oaks are something you don’t get other places,” Fedde said. “It’s the combination of being able to get out into the open space that backs up against it, being near the freeway, good housing, great food options.”
Though the company doesn’t expect the development to be complete until the last quarter of the year, it’s already leased a building to Atara Biotherapeutics, which announced in February it would be moving its research and development division from Westlake Village to Thousand Oaks.
The company plans to occupy 91,000 square feet at the yet-to-be-constructed business park off Lawrence Drive and Conejo Spectrum Street.