HRL Laboratories Pays $40M For Southern California Asset

3500 Willow Lane. Image courtesy of Lee & Associates LA North/Ventura

HRL Laboratories has purchased a 104,267-square-foot industrial property in Thousand Oaks, Calif., for $39.8 million. The buyer, formerly known as Hughes Research Laboratories, is a company specializing in advanced technology developments, owned by Boeing and General Motors Co.

The seller was Willow Hurst LLC, an entity leading to Maxxam Enterprises. The property last traded in 2021 for $19.7 million, Ventura County records show.

Lee & Associates LA North/Ventura worked on behalf of Willow Hurst, while Mazirow Commercial represented HRL Laboratories.

Located at 3500 Willow Lane in Conejo Valley region, the two-story concrete building was completed in 1986 and includes 355 parking spots. Situated on a 5.5-acre lot, the property is 5.6 miles from Newbury Park, Calif., 8 miles from Oak Park, Calif., and within 15 miles of Calabasas, Calif., an area that sustains the life science sector’s continued growth.

Lee & Associates LA North/Ventura’s office negotiated an early lease termination to allow the new owner to move into the building. The company’s President Mike Tingus and Managing Director & Principal Grant Fulkerson worked on behalf of Maxxam Enterprises.

Other notable Southern California transactions that closed earlier this year include Rexford Industrial’s $163.8 million purchase of four properties totaling more than 412,730 square feet of industrial space. In September, the same company acquired an infill asset in the Carson submarket, in a $100 million off-market deal.