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Huge Retail, Industrial Center Will Front 101 Freeway

Planning for a huge retail and industrial center is getting underway in Camarillo. Robert Selleck Corp. has 120 acres under option with 50 acres devoted to a retail center and the balance of the property slated for road extensions and an industrial park. The site fronts the Ventura (101) Freeway between the Las Posas and the Central Avenue exits. The development, if it moves forward, will be the second retail project to be added to the city’s landscape. Chelsea Property Group is working on an adjoining center to Camarillo Premium Outlets which it owns. The addition, a lifestyle center, would entail about 240,000 square feet of space. Selleck’s plans include Kohl’s, Barnes & Noble, Best Buy and Michaels The Arts and Crafts Store, all of whom have signed letters of intent. “It’s really the last bit of freeway frontage out there,” said Bob Selleck, whose company is just finishing up a Newbury Park complex that includes two hotels and a number of restaurants. “That’s one of the reasons I stepped up to it.” Developing the center in Camarillo is likely to be costly, however, because it will require new roadways and, possibly, a new freeway exit. “The city adopted a specific plan in 1987 or 1988 which provides for commercial and industrial light manufacturing,” said Jerry Bankston, city manager for Camarillo. “Those projects have not been able to move forward in part due to some of the need for improved infrastructure.” Studies are still underway to determine what kinds of street and freeway improvements would be needed, but in the meantime, Selleck is preparing to shell out funding to help with an extension to Ventura Boulevard and perhaps even the freeway improvements. Selleck is anticipating that his company will close on the property sometime in mid-2007. “The property is already zoned, so it’s just getting the precise plan done,” he said. “I think that’ll be done in the next three or four months. Then we’ll start building Ventura Boulevard, and towards the third quarter of the year, we’ll have all the answers on the freeway on and off ramp. Our hope is to have the retailers open by October, 2007, but it could slide to spring, 2008.” Industrial Deals Sardon LLC has divested one property and purchased another one. The company sold a 16,534-square-foot industrial property at 7640 Burnet Ave. in Van Nuys for $2,025,000. Sardon acquired a 21,000-square-foot industrial building at 10244 Norris Ave. in Pacoima for $3,276,000. Chris Richards and Bill Napier, brokers with NAI Capital represented Sardon in both transactions. The buyer of the Van Nuys property, Mesica Family Trust, was represented by Todd Lorber, a broker with Grubb & Ellis. The seller of the Pacoima facility, Vardan Khachatourian, was represented by Roger Mirzaian of Pacific West Commercial. Opus Center Opens Opus West has completed construction on its 155,000-square-foot Opus Corporate Center at Valencia Gateway and leased about 27,740 square feet of the speculative office project. Six tenants have signed on for space. Auto insurance provider Progressive has taken 10,720 square feet; Silver State Mortgage, which leased 5,317 square feet, JP Morgan Chase occupying 3,751 square feet; Glen Oaks Escrow, which leased 3,034 square feet; Alliance Title, with a lease for 2,504 square feet and Stoneridge Escrow, which leased 2,414 square feet. Opus Corporate Center, which consists of two, three-story buildings, opens at a time when the Valencia office market is showing a strong rebound after several weak years. Doug Marlow and Dave Solomon, brokers with CB Richard Ellis, are marketing the property. Multifamily Deal A multifamily complex in North Hollywood was sold with plans to turn the center into a condominium project. The property, at 6303-6319 Cahuenga Blvd. is a series of 20 cottages that sit on a lot measuring 53,983 square feet. The sale price was $3,025,000. The buyer, Creative Video Logic Inc., expects to redevelop the site in the next couple of years to include 30 luxury condominiums. Warren Berzack and Chris Thompson, brokers with Investment Real Estate Associates, represented the buyer. The seller, a private investor, was also represented by Thompson. Agoura Hills Office Addition A new Agoura Hills office building under construction has its first tenant. Internet service provider ISWest has inked a deal for 16,000 square feet, about half of the new building at 30077 Agoura Court. The lease is an addition to ISWest’s current facility, which is next door to the new development. The total consideration for the 10-year lease is estimated at $392,000. The building is an addition to an existing facility at the Village Corporate Center, which was built in the early 1980s. The first building totals about 78,000 square feet and includes such tenants as Commitment Lending and SearchTrafficSchool.com. T.R. Funding Development acquired the property about three-and-a-half years ago and remodeled the first building before beginning the latest, $7.5 million project. Tony Principe, president of Westcord Commercial Real Estate Services, represented the tenant and developer in the deal. Cory Richmond and Marc Riches, also of Westcord, are marketing the property. News and Notes Musick, Peeler & Garrett has inked a deal for just under 11,000 square-feet of office space at 2801 Townsgate Road in Westlake Village. The expansion comes just one year after the L.A.-based law firm established an office in Westlake Village. Carlo Brignardello, a broker with Cresa Partners, represented the tenants. The landlord, Duesenberg Investment Co., was represented by Michael Slater, Tom Dwyer and Jennifer Rice at CB Richard Ellis.

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