Newmark Knight Frank (“Newmark”) announces that Stream Realty Partners (“Stream”) and joint-venture partner QuadReal Property Group (“QuadReal”) are set to commence construction on Tapo Canyon Commerce Center, a fully entitled five-building industrial complex located at 1800 Tapo Canyon Drive in Simi Valley, California.
Newmark’s Executive Managing Directors Patrick DuRoss, SIOR and John DeGrinis, SIOR and Senior Managing Director Jeff Abraham, SIOR are handling the leasing of the project.
“Despite acquiring the property during peak market uncertainties in the summer of 2020, our team’s forward-thinking and conviction in this site’s potential for modern industrial product never wavered,” said Scott Sowanick, Senior Director at Stream. “We could not be more excited to officially announce Tapo Canyon Commerce Center to the market, and we are confident that our project’s state-of-the-art design will offer companies in Simi Valley and across the region the ability to efficiently operate their businesses for years to come.”
DuRoss added, “This site was previously utilized as a one-story office building that no longer had strong demand or utility in today’s market. Conversely, we are experiencing unprecedented levels of demand for modern industrial buildings throughout the North Los Angeles region. Our team worked together with Stream and the City of Simi Valley to ensure the design of these buildings would be ideal in accommodating the needs of the companies that are growing in the region. We are thrilled to see this break ground in the coming months and to be marketing a project of this caliber.”
The brand new, modern industrial buildings range from 25,786 square feet to 135,579 square feet and provide tenants leasing options from 19,239 square feet to the entire 344,056-square-foot campus. The project is anticipated to deliver to the market in fall 2022.
Sprawling on 18 acres, Tapo Canyon Commerce Center presents high-image street frontage along Tapo Canyon Road and Los Angeles Avenue and proximity to the San Fernando Valley and overall North Los Angeles region. Features include but are not limited to, 28 to 36-foot clear height, high image, window-lined office space, above regional standard dock-high loading, five different access points to campus and immediate 118-Freeway access.
The city of Simi Valley is extremely business-friendly, is home to a productive labor force and benefits from Ventura County’s overall cost and quality of life. Neighboring companies include Amazon, Bank of America, Ricoh Printing Systems, UPS Freight, Milgard Manufacturing, Entertainment Earth and Aerovironment to name a few.
With a total inventory of 1.049 billion square feet of industrial space, Los Angeles’ County vacancy rate has remained below 3 percent for 36 consecutive quarters, marking the lowest industrial vacancy rate in the nation, according to Newmark Research. Tenants have already taken 97.2 percent of the 8.9 million square feet of the new supply delivered over the last 24 months as developers continue to scour the market for infill land sites and older facilities for renovation and repositioning.
About Stream Realty Partners
Stream is a commercial real estate firm with full-service offerings in leasing, property management, development, construction management, and investment sales services across the industry. In addition, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, Stream has grown to a staff of more than 920 real estate professionals with regional offices in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Fort Worth, Greater Los Angeles, Houston, San Antonio, San Diego, and Washington, D.C. Stream completes more than $3.6 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.
About QuadReal
QuadReal Property Group is a global real estate company headquartered in Vancouver, British Columbia. Assets under management are $61.2 billion. From its foundation in Canada as a full-service real estate operating company, QuadReal has evolved its capabilities to invest in public and private debt and equity markets. QuadReal invests directly, via programmatic partnerships and through operating companies in which it holds an ownership interest.
QuadReal seeks to deliver strong investment returns while creating sustainable environments that bring value to the people and communities it serves. Now and for generations to come.
QuadReal: Excellence lives here.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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