INVESTMENT CASE STUDY

14501 Princeton Avenue Renovation


Nearon recently completed the acquisition, extensive renovation, and lease-up of a 144,000 SF manufacturing facility in Moorpark, California.




Property Legacy

Nearon acquired the 14501 Princeton Avenue property vacant in August 2017. The Property previously served as the headquarters for the Kavlico Corporation from its construction in 1986. At the time of Nearon’s purchase, the Property was owned by a charitable trust conducting an orderly liquidation of Kavlico’s founder’s real estate holdings.

The property is located at the interchange of Highway 118 and Route 23, in the Simi Valley/Moorpark submarket. The Simi Valley/Moorpark submarket currently benefits from a ‘rising tide’ of tenant demand for quality industrial space as companies flow northwest out of the impacted West San Fernando Valley area, which has little, if any, high-quality available industrial space to offer over 100,000 SF.




Exterior Before


Exterior After


During Contruction


Interior After


A Contemporary, Best-In-Class Renovation

Upon its acquisition of 14501 Princeton Avenue in late 2017, Nearon embarked on an extensive renovation:

Common Area renovation:

  • Electrical and lighting upgrades
  • New roof
  • New exterior façade and glass glazing
  • Landscape renovation
  • New parking lot
  • New lobby, elevator, and restrooms
  • Plumbing and FLS upgrades

Tenant Improvements:

  • New HVAC rooftop units and distribution
  • Fully-conditioned warehouse assembly area
  • Office electrical and lighting
  • Breakrooms
  • Warehouse epoxy floorInstallation of additional private offices
  • Installation of warehouse labs
  • Office area reconfiguration

The design and renovation were orchestrated by PK Architecture, RCI Builders, and Level PM.



Where Industry-Leading Innovation Happens


HAPSMobile fully-assembled inside 14501 Princeton Avenue


During the renovation, Nearon fully-leased the building to a single-tenant, AeroVironment, Inc. (NYSE: AVAV), a $1.8 billion manufacturer of unmanned aircraft for defense and commercial uses. AeroVironment serves as the Pentagon’s top supplier of small drones. In January 2018, AeroVironment formed a joint-venture known as HAPSMobile with SoftBank, the Japan-based telecommunications conglomerate. HAPSMobile will invest in the development of a solar-powered high-altitude pseudo satellite, for the purpose of essentially creating cell towers in the atmosphere in order to establish the preeminent 5G network.14501 Princeton serves as AeroVironment’s manufacturing facility for these satellites.

Mike Tingus and Grant Fulkerson of Lee & Associates represented Nearon in the lease transaction. Jerry Porter and Seth Wellisch of Cresa represented AeroVironment.