The company has signed Ventura Distribution to a 10-year, $7 million lease to occupy the entire 78,000-sf building, according to Jeff Phelan, a managing partner with Panattoni.
Ventura is a national distributor of independent DVD and VHS productions, and will house its headquarters and warehouse operations at the new building, according to John DeGrinis and Shane Foley of Colliers Seeley International, who represented both parties in the lease and have the marketing assignment for the speculative building.
DeGrinis tells GlobeSt.com that one of the keys to the Ventura deal was that Ventura will have an option to buy the leased building after one year. He says Ventura will be relocating to the new space from a 50,000-sf industrial building in nearby Newbury Park that it moved into about a year and a half ago. But Ventura is subleasing that space from Skyworks Solutions in a lease that expires next year, and the company was looking for longer-term space, DeGrinis says.
Panattoni's build-to-suit for Ventura and the speculative building are on a six-acre parcel that Panattoni acquired at the Conejo Spectrum in April. The Conejo Spectrum is a 100-acre business campus along the 101 Freeway at Rancho Conejo Boulevard in Thousand Oaks that was master-planned and developed by Investment Development Services of Los Angeles, which has since sold most of the land to other developers and investors. It is in an area known as the "101 Technology Corridor," about 39 miles west of Los Angeles and 12 miles inland from the Pacific Ocean. The area is part of the 8.5 million-sf Conejo Valley industrial submarket, where, according to DeGrinis, the vacancy rate is about 7.8%, including sublease space.
Panattoni is a privately held developer founded in 1986. The company, which has built more than 60 million sf of space, develops, leases, owns and manages industrial, office and retail properties. It manages a 33 million-sf portfolio.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
