THOUSAND OAKS, CA - - When Harry Selvin commits to a real estate
transaction, it usually means a whole lot more than the deal. In fact,
Selvin likes to think he was meant to own some properties and to enhance
them.
Such is the case with the announcement that Selvin’s company,
Selvin Properties, a veteran area investor based in Westlake Village, CA
paid approximately $10 million to acquire the three-story, 62,000 square
foot Village Oaks Center office complex in Thousand Oaks, CA, according
to Westcord Commercial Real Estate Services.
Kamal Banki of Westcord represented both Selvin Properties in its
acquisition, and John Gross, the seller.
Banki noted that Village Oaks Center is currently 95 percent
occupied and that Selvin Properties plans to initiate a major renovation
of the courtyard office complex strategically located adjacent to the
101 Freeway and Paseo Shopping Center near the intersection of Thousand
Oaks and Westlake Blvds.
“I believe I was meant to own this property,” said Selvin. “Twelve
years ago, I purchased a house in Westlake Village erected by the same
builder that built Village Oaks. I believe it was an omen. Moreover, I
feel this property has great upside with long-term potential along
Thousand Oaks Boulevard,” he added.
Selvin announced that he plans to introduce numerous upgrades to
the garden office complex. This includes providing numerous water
features and fountains to augment an existing stream that traverses the
property, in addition to potential changes to the exterior motif.
“We plan to maintain the thrust of the office complex which has
long been tailored to small to moderate tenants. I believe there’s a
great need for office space serving this business sector,” said Selvin.
In business for 45 years, Selvin Properties is a long-term investor
in commercial properties, primarily in Conejo Valley. Selvin himself is
deeply involved in local community affairs, serving on the Theatre Board
of Governors for the Civic Arts Plaza for some 10 years, and on the
board of Alliance For the Arts. Recently, Selvin donated the artwork
for the focal point mural at the Thousand Oaks Civic Arts Plaza.
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 |
