The Associates Equity Fund (AEF), a Southern California-based investment company that sources market opportunities and acquisitions through an integrated network of real estate brokers throughout the country and Southern California, has acquired a 129,000-SF, R&D facility in the city of Moorpark, CA. The facility, which is located at 5898 Condor Drive, was purchased from Los Angeles-based investment firm Maxxam Enterprises.
AEF acquired the property for $7.65 million and will begin the interior modifications to the building many of which are tenant-driven based on immediate leasing activity.
Mike Tingus, president of Lee & Associates Calabasas, and Grant Fulkerson, principal and managing director of the same office, represented both parties in this transaction.
“Moorpark has experienced a strong level of demand for functional R&D space with essentially no new construction and significant constraint on supply due to a lack of quality sites and the cost of development of that product type. AEF’s plan to reposition the asset back into a highly competitive R&D building fits ideally into an obvious hole in the market,” said Mr. Tingus.
About Associates Equity Fund (AEF):
AEF is an investment company that is created around sourcing market opportunities and acquisitions through an integrated network of real estate brokers throughout the country with a primary focus on Southern California. AEF’s 6 funds include industrial, R&D and office space totaling over 450,000 square feet. For more information about AEF, please visit our website https://www. associatesequityfunds.com/
About Lee & Associates®
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link our company blog.
