CAMARILLO, CA --
Citing a shifting office market along the Ventura Freeway (101) Corridor from large-scale
to small office tenants, Thousand Oaks, CA based Silagi Development and Management Co. is
seizing the moment by announcing plans for a high-visibility 65,000 sq. ft. office
condominium project at the bottom of the "Camarillo grade" in Camarillo, CA
aimed at this market.
Moshe Silagi,
principal of Silagi Development and Management Co., said construction is expected to begin
during the next 60 days on Camarillo Springs Corporate Center, a five-building campus on
5.4 acres with 101 Freeway exposure fronting Camarillo Springs Golf Course on Camarillo
Springs Road.
Tony Principe, executive
vice president of Westcord Commercial Real Estate Services and Darryl Zilberstein of
Westcord have been selected exclusive marketing agents for the project. "This is the
only development of its kind in Ventura County offering office product in this size range
for sale," said Principe. "We already have a waiting list for the
buildings. Small office tenants have been looking for opportunities to buy office
space, but no one has created it."
Principe said 12 individual
units for sale will range from 4500 to 7000 sq. ft. at prices from $185 to $195 per square
foot, including generous tenant improvement allowances. He said entire 15,000 sq.
ft. buildings are also available for sale. Describing his project, Silagi said:
"This property was originally designed for a single 78,000 sq. ft. office
building. As the market changed dramatically and interest rates dropped, we decided
to re-configure it into an office condominium project with small units for sale to
individual business owners and investors. "There is far less demand today along the
101 Corridor for large-scale office use than existed during the past five years.
Meanwhile tremendous demand
has built among owner-users and investors, many of whom exited the stock market.
Small buildings of this type simply do not exist in the market and we chose not to
wait a couple of years for the market to bounce back," said Silagi. Underscoring the
existence of a "healthy small office market", Silagi emphasized that this demand
is being fueled by 90 percent SBA loans for owner occupied buildings at interest rates
under seven percent. "Owner-users can acquire these units for approximately $100,000
down and end up with monthly payments lower than the rent they are currently paying.
Additionally, they will enjoy pride of ownership, the benefits of appreciation and
depreciation, and control their facility costs," Silagi declared.
Silagi revealed that his
firm recently pre-sold 50 percent of an industrial condominium project aimed at small
users in Ontario, CA at what he said were the "highest prices ever achieved in that
market." Designed by Neil Scribner, A.I.A. Architecture of Camarillo, Camarillo
Springs Corporate Center will be distinguished by an upscale motif accented by Early
California-styled architecture with red tile roofs, textured stucco facades and dual
glazed windows. Key interior features include individual suites with private baths
in each unit, and a $20 per square ft. tenant improvement allowance. Project completion is
slated for Summer, 2003.
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. |
