HRL Laboratories Pays $40M For Southern California Asset – Business Property Govt

3500 Willow Lane. Picture courtesy of Lee & Associates LA North/Ventura

HRL Laboratories has bought a 104,267-square-foot industrial property in Thousand Oaks, Calif., for $39.8 million. The client, previously often known as Hughes Analysis Laboratories, is an organization specializing in superior expertise developments, owned by Boeing and Basic Motors Co.

The vendor was Willow Hurst LLC, an entity resulting in Maxxam Enterprises. The property final traded in 2021 for $19.7 million, Ventura County information present.

Lee & Associates LA North/Ventura labored on behalf of Willow Hurst, whereas Mazirow Business represented HRL Laboratories.

Positioned at 3500 Willow Lane in Conejo Valley area, the two-story concrete constructing was accomplished in 1986 and consists of 355 parking spots. Located on a 5.5-acre lot, the property is 5.6 miles from Newbury Park, Calif., 8 miles from Oak Park, Calif., and inside 15 miles of Calabasas, Calif., an space that sustains the life science sector’s continued progress.

Lee & Associates LA North/Ventura’s workplace negotiated an early lease termination to permit the brand new proprietor to maneuver into the constructing. The corporate’s President Mike Tingus and Managing Director & Principal Grant Fulkerson labored on behalf of Maxxam Enterprises.

Different notable Southern California transactions that closed earlier this 12 months embrace Rexford Industrial’s $163.8 million buy of 4 properties totaling greater than 412,730 sq. toes of business area. In September, the identical firm acquired an infill asset within the Carson submarket, in a $100 million off-market deal.

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