|Nearon recently completed the extensive renovation and lease-up of a 140,000 SF manufacturing facility in Moorpark, CA.|
Upon its acquisition of 14501 Princeton Avenue in late-2017, Nearon embarked on an extensive renovation of the 1985-built manufacturing property. 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.
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.
The design and renovation were orchestrated by PK Architecture, RCI Builders, and Level PM.
Mike Tingus and Grant Fulkerson of Lee & Associates represented Nearon in the lease transaction. Jerry Porter and Seth Wellisch of Cresa represented AeroVironment.
Nearon’s industrial portfolio comprises 3.1 million SF, complimented by an additional 1.5 million SF of office properties. The company continues to seek new industrial investment opportunities in the Western U.S.
Nearon Vice President Nick Rini directed the acquisition, renovation, and leasing. Please contact Nick for Southern California acquisition opportunities.