HRL Laboratories Pays $40M For Southern California Asset

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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 customer, previously often known as Hughes Analysis Laboratories, is an organization specializing in superior know-how developments, owned by Boeing and Normal 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 Industrial represented HRL Laboratories.

Situated at 3500 Willow Lane in Conejo Valley area, the two-story concrete constructing was accomplished in 1986 and contains 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.