WESTLAKE VILLAGE, 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 100 percent of the project is already committed concurrent with the opening of 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, and Darryl Zilberstein, also of Westcord, are exclusive marketing agents for Regency Medical Plaza. They report that all 40 units in the 65,000 sq. ft. project are either in escrow or been sold.
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 Rds.
"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.
Commenting on the project, 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, provides 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, there is approximately $25 per square foot in tenant improvements being provided 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 is a steel frame and steel stud building with a stucco facade and natural stone encased columns at all entrances.
Scribner said a colorful courtyard ties into a pair of two-story internal lobbies that link into an exterior atrium, creating an "elegant space". He added that the building features four entrances.
Westcord is one of the Los Angeles area¹s top 25 commercial real estate companies with offices in Westlake Village, CA, and Van Nuys, CA.
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