10:20 AM
Newmark announces the completion of a 63,789-square-foot long-term sublease at a freestanding industrial facility located at 4721 Calle Carga in Camarillo, California.
Newmark Executive Managing Director John DeGrinis, SIOR, along with Senior Managing Directors Patrick DuRoss, SIOR, Jeff Abraham, SIOR, and Greg Tippin represented both the sublessor, Microsemi Communications, LLC and the sublessee, PBS Biotech, in the transaction.
The property which has been recently renovated, totals 49,358 square feet and features four ground-level loading doors with a 22’ clear height, open bullpen areas, multiple labs and a large breakroom. The building is proximate to the 101 Freeway and is situated between Santa Barbara and the Greater Los Angeles area.
“PBS Biotech specializes in the manufacturing and supply of bioreactors, which are utilized by biotech companies around the world for research and development,” said Abraham. “As a rapidly growing company, they had outgrown their current space. The new property is four times larger than PBS’ previous location, accommodating their current space needs as well as allowing room for growth.”
DuRoss added, “This sublease is yet another indicator of the rising trend of biotech expansions throughout the Southern California market, particularly along the 101 corridor in North Los Angeles, in recent years.”
This is the fifth transaction DeGrinis and his team have completed with a biotech company in the past year.
The life sciences sector, which includes biotech and technical manufacturing companies, is expanding nationally at a rigorous rate due to technological advancement and capital investment, according to a recent report by Newmark Research. As the industry grows, so does the need for highly specialized space to facilitate research and development and also production, the report stated. The industry’s growth-and tightness in core markets-should catalyze tenants to explore emerging markets marked by excellent “eds and meds” institutions and access to capital, revealing cost savings and newfound talent pools.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 18,000 professionals operate from approximately 480 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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