CAMARILLO, CA -- If
a heretofore struggling commercial real estate property is well located, creative
repositioning and physical freshening can give it new life.
That's the message from the
prime "Paseo Camarillo" business district in Camarillo, CA where such a program
has sparked the complete occupancy of a strategically-located Early California
office building for the first time in its 21-year history, announces Westcord Commercial
Real Estate Services.
Darryl Zilberstein of
Westlake Village, CA-based Westcord, who along with Tony Principe, executive vice
president of that firm, comprise the exclusive marketing team for the building, reports
that the building's final 1069 sq. ft. of space has been leased to a marriage and family
counseling group.
Zilberstein said the
two-story, 40,000 sq. ft. building, located at 333 N. Lantana St., was approximately 50
percent leased some 17 months ago when Westcord sold it and was hired to re-market the
property. Some $500,000 worth of rehabilitation work was initiated by the new
owners, 333 N. Lantana LLC of Malibu, CA, that featured upgrading all common areas and
generous allowances for tenant improvements.
"Turning around what was a once-troubled asset resulted from a team effort involving
both Parkstone Companies of Westlake Village, the property management firm, and an
ownership group that was actively involved with every aspect of this process," said
Zilberstein.
Principe represented the
current owners in their acquisition of the building through a foreclosure and was
subsequently hired to handle leasing. Previously, absentee ownership, he continued,
had resulted in high vacancy and deferred maintenance. In fact, some of the space
was still in a raw state, having never been occupied since the building was constructed,
he noted. "We took an aggressive marketing approach to the property and secured
tenants without dropping rental rates or granting unusual concessions," Principe
said.
Among tenants of
"Paseo Camarillo" are State Farm Insurance, La Mer Medical Group, Vanowen
Associates, Auburn Property Management, and the American Heart Association. The office
building is distinguished by a colorful arched bridge spanning a two-lane road connecting
to a variety of retail services, and is immediately across the Ventura (101) Freeway from
the popular Camarillo Outlet Mall. The building features open courtyards, an
abundance of windows, a stucco facade and red tile roof. Four-to-one surface parking
is provided.
Westcord is one of the Los Angeles area's top 25 commercial real estate companies with
offices in Westlake Village, CA, and Van Nuys, CA. |
