Newmark Announces Stream Realty Partners and QuadReal Property Group Open Five-Building Industrial Complex in Simi Valley, California
November 3, 2021 9:00 AM
Newmark announced the grand opening of the Tapo Canyon Commerce Center, a 344,000 square foot five-building Class A industrial complex located at 1800 Tapo Canyon Drive in Simi Valley, California. The project is owned and developed by Stream Realty Partners (Stream), a national real estate services, development and investment company, and joint venture partner QuadReal Property Group (QuadReal), a global real estate investment group.
Newmark Vice President John DeGrinis, SIOR, Executive Managing Director Patrick DuRoss, SIOR and Senior Managing Director Jeff Abraham, SIOR handle the lease for the project.
“Today’s groundbreaking ceremony is the result of the remarkable care and collaboration of everyone involved in this project since we acquired the property last summer,” said Scott Sowanick, Senior Director at Stream. “We are more than grateful for the City of Simi Valley’s continued support throughout the development process and could not be more excited to turn our vision for Tapo Canyon Commerce Center into a reality.”
“This project will provide much needed relief to companies looking for modern industrial buildings in this limited supply market. We have already generated incredible interest from a diverse mix of companies and size requirements. One of the unique elements of this project is that it can accommodate from 19,000 square feet to 344,000 square feet. These buildings can’t go up fast enough, ”said DuRoss.
The brand new modern industrial buildings range from 25,786 square feet to 135,579 square feet and offer tenants rental options ranging from 19,239 square feet to the entire campus of 344,056 square feet. Spanning 18 acres, the Tapo Canyon Commerce Center features a high-image street frontage along Tapo Canyon Road and Los Angeles Avenue and close to the San Fernando Valley and the North Los Angeles area. Features include a headroom of 28-36 feet, window-lined office space, high loading above the regional standard dock, five different campus access points, and immediate access to 118 freeway.
The project architect is HPA Architecture, the civil engineer is Kimley-Horn and KRPS is the general contractor for the project.
The town of Simi Valley is extremely business friendly, is home to a productive workforce, and benefits from the overall cost and quality of life in Ventura County. Neighboring companies include Amazon, Bank of America, Ricoh Printing Systems, UPS Freight, Milgard Manufacturing, Entertainment Earth, and Aerovironment, to name a few. LA North, including Simi Valley, accounted for 42.7% of Greater Los Angeles quarterly net absorption activity for 3.4 million square feet, according to Newmark Research. Healthy consumer spending, government stimulus measures, improving labor markets, growth in e-commerce sales in conjunction with global supply chain issues not easing anytime soon are fostering strong fundamentals industrial leasing, which should lead to higher rents.
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About Stream Realty Partners
Stream is a full-service commercial real estate company providing rental, property management, development, construction management and investment sales across the industry. In addition, Stream is dedicated to finding acquisition and development opportunities for the company and its customers. Since 1996, Stream now has over 950 real estate professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, N.Virginia, Phoenix, San Antonio. , San Diego and Washington, DC Stream completes more than $ 3.3 billion in real estate transactions each year and is an active investor and developer across the country. Visit www.streamrealty.com.
About the QuadReal real estate group
QuadReal Property Group is a global real estate company headquartered in Vancouver, British Columbia. Assets under management amount to $ 61.2 billion. Since its founding in Canada as a full-service real estate operating company, QuadReal has developed its capabilities to invest in the public and private debt and equity markets. QuadReal invests directly, through programmatic partnerships and through operating companies in which it has an interest. QuadReal seeks to generate strong returns on investment while creating sustainable environments that deliver value to the people and communities it serves. Now and for generations to come. QuadReal: Excellence lives here. www.quadreal.com
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.2 billion for the twelve months ending June 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newbrand.
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