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Thursday, Mar 28, 2024

Census Bureau Counting on Valley as Useful Location

A year ago, the U.S. Census Bureau considered eliminating all its County Census Divisions, a new designation of sub-category that measured the Valley region separately from L.A. County. After much hubbub nationwide the vast majority of that from the Valley and Congressman Brad Sherman (D-Sherman Oaks) the Census Bureau reconsidered in February and thus the Valley and 21 other similar regions of the country will remain on their map. Now, when the Census Bureau starts its constitutionally-mandated tally for 2010, it will be doing it from Northridge. While either causality or coincidence might have been at play, certainly availability was. In a deal brokered for the U.S. General Services Administration, the Census Bureau Office for the Los Angeles region will be working out of a first-floor, 31,000-square-foot office at 9301 Corbin Avenue. Jamie Christy of the Census Bureau described the space as “very functional, not opulent.” Christy said the office will gear up to eventually employ a peak of about 200 people in the office and will be the site from which all Southern California and Hawaiian efforts will be managed, serving as the “master office” for 39 local sites which will be in place for one or two years. The lease for the Northridge office runs for four and a half years, and Geancarlo Pilco of the GSA said with the extensive tenant improvements amortized for the life of the lease, the cost is $38 per square foot. To prepare for the Census Bureau’s use, Pilco said, almost all of the existing space was demolished, and then rebuilt with new electrical, mechanical and plumbing, plus all new doors and windows. Scott Flanagin of The Staubach Company represented the GSA in the deal. The lessor was repped by David LaMore of CB Richard Ellis. Retail Suites Sold; Development Begun Builder AMCAL Multi-Housing Inc., based in Agoura Hills, announced that Festival Development Partners, LLC has purchased two retail suites at Avenue 26, the mixed-use master plan community in the Lincoln Heights neighborhood of Los Angeles. AMCAL also recently broke ground on Los Vientos, its first affordable housing development in San Diego. Featuring 89 family apartments, Los Vientos is scheduled to open in Fall 2009. Financed with more than $18.6 million of 9 percent low-income housing tax credits, Los Vientos will be built thanks to $43.7 million in investments by U.S. Bank, Hudson Housing Capital, California Community Reinvestment Corporation and the City of San Diego Redevelopment Agency. A 100 percent affordable development, Los Vientos will have 26 units dedicated to residents whose income is within 60 percent of Area Median Income (AMI); 44 units reserved for those with income at 50 percent AMI; nine units each for renters with income at 40 percent and 30 percent of AMI, respectively; and one unit for on-site staff. Industrial Park 25 Percent in Escrow North Valley Commerce Center, a 201,326-square-foot industrial park in Sylmar, is nearing completion with 25 percent of the project in escrow in the first 90 days of marketing. The center consists of seven buildings with units ranging from 2,237 square feet to 57,666 square feet for sale or lease. The fully-landscaped site is located at the intersection of Olden Street and San Fernando Road. Voit Development Company is developing the project and base building construction is scheduled to be complete at the end of the month. Tim Regan of Voit is the project manager for the industrial park. David Harding, Greg Geraci, Matt Dierckman and Billy Walk of CB Richard Ellis are the exclusive marketing representatives. The project was designed by Poliquin Kellogg Design Group and is being constructed by Valley Commercial Contractors. “The San Fernando Valley submarket boasts a two percent vacancy rate and North Valley Commerce Center is the only new industrial business park project under construction in this market,” said Regan, vice president of acquisition/development for Voit Development Company. EDIC Expands in Agoura Hills Employers Direct Insurance Company (EDIC) has expanded, now leasing the entire office building housing their existing corporate headquarters in Agoura Hills. The expansion resulted in a 67,000-square-foot lease that minimized their occupancy cost. Sheryl Mazirow of Westlake Village-based Mazirow Commercial, Inc. represented EDIC in the lease. The firm has served as EDIC’s out-sourced real estate department since EDIC’s inception seven years ago. Lee Reps Both Sides in Bank Expansion RiverPark Gateway, Ltd. has signed a lease with its first office tenant, Western Commercial Bank, to occupy a free-standing, 3,622-square-foot building at 2801 N. Ventura Road, Oxnard. It is the second location for the two-year-old Woodland Hills-based bank. Grant Harris, a principal at Lee & Associates-LA North/Ventura, Inc., along with associates Scott Carper and David Kim, are the exclusive marketing agents for RiverPark Gateway and represented the developer and builder, Martin Teitelbaum, in the transaction. Mike Tingus, Lee & Associates president and managing partner, represented Western Commercial. The Lee team is currently in negotiations to lease approximately 36,000 square feet in RiverPark Gateway and is fielding interest on another 10,000 square feet of properties. In another transaction, Chris Dorland and Spencer Strull, associates at the Sherman Oaks office of Lee & Associates, represented the seller, Edward Cholakian, in the sale of a 16,800-square-foot industrial facility in Sylmar for $2,680,000 to Drapes 4 Show Inc. The buyer was represented by Billy Walk, an associate at CB Richard Ellis. Westlake Village Center Approved The City of Westlake Village’s City Council has approved plans for Opus Corporate Center at Westlake Village, a $180 million, 435,000-square-foot mixed-use development, featuring twin Class A, four-story office buildings encompassing 361,000 square feet of space, three free-standing restaurant pads, a 45,000-square-foot fitness facility and 8,000 square feet of service retail on 21.5 acres of land. The Lindero Canyon Road project is set to break ground this month with completion anticipated in first quarter 2009. A landscaped pedestrian promenade will connect the offices and incorporates existing oak trees into the design. Opus Architects & Engineers is the project designer and the general contractor will be affiliated Opus West Construction Corporation. CB Richard Ellis has been named exclusive leasing agent for the project, with senior vice presidents Nicholas Gregg and Michael Slater comprising the office leasing team and David Rush leasing retail space. Douglas Emmett Ups Presence Deepening its presence in area submarkets, Douglas Emmett, Inc., has acquired a 1.4 million-square-foot office portfolio consisting of six Class A buildings in Santa Monica, Beverly Hills, Sherman Oaks/Encino and Warner Center/Woodland Hills for a contract price of approximately $610 million, or $428 per square foot. The portfolio is currently 88.7 percent leased. An affiliate of the seller provided $380 million of first trust deed bridge financing for nine months. The real estate investment trust’s Valley holding additions are located at 21300 Victory Boulevard, and at 15250 and 16000 Ventura Boulevard. Senior Reporter James Hames can be reached at (818) 316-3123 or at [email protected] . *Correction published April 28, 2008: In James Hames’ real estate column of April 14, 2008, the CB Richard Ellis broker who represented the lessor in the Census Bureau lease should have been David I. Solomon.

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