Lee & Associates-LA North/Ventura Transacts $11 Million R&D Building Sale

Simi Valley asset trades at $183 per square foot, among the highest for the product class in the region

 

SIMI VALLEY, CA – Oct. 24, 2019 – A highly-improved 60,416-square-foot R&D building at 685 E Cochran St. in Simi Valley, CA has traded for $11,032,998 or $183 per square foot, according to Lee & Associates-LA North/Ventura President Mike Tingus and Principal Grant Fulkerson SIOR, who represented the seller of the property 685 Cochran Holdings, LLC.

The seller will continue to occupy a portion of the property for its businesses, which include SensoScientific, a maker of temperature monitoring systems for the healthcare industry, under a lease-back arrangement. Other tenants in the building, which was fully leased at the time of the sale, include Hangman Products, a maker of hanging solutions for pictures, mirrors, TVs and more; and Brown & Brown Insurance.

“We wanted to attract investors for the property since our seller wanted to retain its business operations at the facility,” said Tingus, “and we were able to fully lease the building, making it a strong investment opportunity and achieving one of the highest per-square-foot prices in the region.”

Built in 1986, the two-story property features 22’ – 24’ clear heights, two dock-high and three grade-level loading doors. The second floor, with about 20,000-square-feet of general and engineering offices, had been fully renovated in 2015.

The buyer, Albert Halami, a private investor, plans to continue the renovation efforts including re-landscaping and improving the parking lot.

Tingus and Fulkerson, along with Lee Associate Will Poole, will retain the leasing assignment for the property under the new ownership.