Voit Development Co. acquired a two-building, 465,073-square-foot R&D/industrial project in the Newbury Park area of Thousand Oaks, Calif.
The value of the transaction was not disclosed.
The project, situated on 26.2 acres within the Conejo Spectrum Business Park, includes a 122,673-square-foot building at 1445-1455 Lawrence Drive and a 342,400-square-foot building at 1465-1475 Lawrence Drive.
Palisades Associates, a real estate investment firm, sold the property at 93 percent occupancy, with tenants that included Baxter Healthcare, Alcatel, Teradyne, Sequoia Group and Kanner Corp.
Voit plans to make interior improvements to the project and increase the office component of some of the spaces to help meet the market demand, according to a press statement.