THOUSAND OAKS, CA
-- Citing an increasing need for health care services in the wake of what it says
is ongoing "natural growth" in Conejo Valley, Silagi Development &
Management Co. announces plans in Thousand Oaks, CA for reportedly the first medical
office condominium in Ventura County in many years.
Moshe Silagi, principal of
Thousand Oaks-based Silagi Development & Management Co., said the new development, to
be known as Regency Medical Plaza, will be a two-story, 70,000 sq. ft. project located on
4.5 acres of land at Newbury Rd. between Lynn and Ventu Park Roads. Silagi said
construction is expected to begin in September with a Summer, 2004 completion slated.
Tony Principe, executive
vice president of Westcord Commercial Real Estate Services of Westlake Village, CA, who
earlier negotiated the land sale to Silagi, is exclusive marketing agent for the new
project. Principe said units will be available for purchase from 1000 sq. ft. to 30,000
sq. ft. of contiguous space.
"There is a lack of
medical care offices in Conejo Valley as growth continues, requiring more health care
services, along with housing and retail. At the same time, the average age of the
populace is rising and health care becomes a larger issue. "The condominium
concept is 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. Additionally, we are seeing
considerable interest from Westside doctors to establish satellite offices in Conejo
Valley," Silagi said.
Principe added that the
Silagi project 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.
"This is one of the
few opportunities where doctors can purchase or lease. We are already negotiating
three sales. There has been heavy demand for medical office space in Conejo Valley,
even with the addition of the Thousand Oaks medical complex. Doctors have a strong
interest in owning," said Principe. He notes that the new Silagi project
is across the street from the new Spine Center and is in close proximity to Los Robles
Regional Medical Center.
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 encasing 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 for convenience.
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. |
