Chinese Pharma Company Makes Suburban Conversion
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Herri Holdings Corp, the pharma manufacturer, paid $9.9M for an 88k SF office building in suburban Thousand Oaks, with plans to convert it to industrial. The building at 2300 Corporate Center Dr had been converted from flex/industrial to office for the previous user and was sold by First Industrial Realty Trust. Colliers senior EVP John DeGrinis (standing with VP Patrick DuRoss) says with strong demand for industrial space in the Conejo Valley market, the conversion made the asset much more attractive. John and Patrick repped First Industrial, along with Colliers associate VP Jeff Abraham.
Patrick says the firm was looking in OC, but was swayed to consider the Thousand Oaks building after the repositioning was discussed. Most of the work involved the removal of some ceilings to create 24-foot warehouse-ready clear heights. Herri Holdings purchased the building in an all-cash transaction and was repped by Re/Max broker Qiu Autumn Yuan.