THOUSAND OAKS, CA -- Validating its contention that a pent-up
demand exists within the Thousand Oaks, CA medical community to own their offices,
officials of Regency Medical Plaza report that 55 percent of the project is already in
escrow as construction gets underway here on what is reportedly the first medical office
condominium built in Ventura County in years.
Tony Principe, executive
vice president of Westlake Village, CA-based Westcord Commercial Real Estate Services,
exclusive marketing agent for Regency Medical Plaza, stated that 20 of the 38 units for
sale in the 70,000 sq. ft. project are committed, representing over $10 million in sales.
A development of Thousand
Oaks-based Silagi Development & Management Co., Regency Medical Plaza is a two-story
project located on 4.5 acres of land at Newbury Rd. between Lynn and Ventu Park Road.
A summer completion is slated.
"The strong
pre-marketing success of this project verifies our original belief that doctors, along
with most tenants today, want to own their facilities. Moreover, the project is
large enough to provide synergy with a mix of practitioners, enhanced by an on-site
pharmacy," said Principe.
In announcing plans for the
project last fall, developer Moshe Silagi, principal of Silagi Development &
Management Co., cited an increasing need for health care services in the wake of what he
said is "ongoing natural growth in Conejo Valley".
"There is a lack of
medical care offices in Conejo Valley as growth continues, requiring more health care
services, along with housing and retail services. Meanwhile, the average age of the
populace is rising, so health care becomes a larger issue," Silagi said.
He noted that the
condominium concept is well suited to meet this need because it provides an opportunity
for area doctors to make an alternative investment by using attractive 90 percent SBA
financing which can enable them to own for as little as $30,000 down.
Regency Medical Plaza,
emphasized Principe, will provide a high-end setting with lush landscaping, water
features, an open courtyard, five-to-one parking, and a generous tenant improvement
allowance of $35 per square foot, in addition to approximately $15 per square foot in
improvements which the developer is initially installing for pre-plumbing and mechanical
systems.
Designed by Neal Scribner,
A.I.A. Architecture of Thousand Oaks, Regency Medical Plaza will be a steel frame and
steel stud building with a stucco facade and natural stone encased columns at all
entrances.
Scribner said a colorful
courtyard will tie into a pair of two-story internal lobbies that will link into an
exterior atrium, creating an "elegant space". He added that the building
will feature four entrances.
Westcord, which traces its
origins in the region to 1969, is a full-service regional company that ranks among the Los
Angeles area's top 25 commercial real estate firms, with offices in Westlake Village, CA,
and Van Nuys, CA |
