THOUSAND
OAKS, CA -- Citing a "critical shortage of Class A office space in the
immediate corridor", a local investment group has acquired property on Thousand Oaks
Blvd. in Thousand Oaks, CA previously occupied by Rubber Duck Auto and Tire Repair for
$3.1 million and plans to redevelop the site into a 60,000 sq. ft. office building,
announces Westcord Commercial Real Estate Services.
Officials of Westlake
Village, CA-based Westcord report that Directors LLC, a group managed by local residents
Robert Hamilton and Frances Prince, purchased the 3.2-acre site at 299 Thousand Oaks Blvd.
that includes the l4,000 sq. ft. building formerly housing the automotive and tire
business.
Westcord represented both
the buyer and the seller, a privately-held entity comprising Walter and Valerie Heinz and
Lee Cohn. A spokesman for the buyers revealed that they expect to immediately enter into
the entitlement process to erect the three-story office building which they said will have
an estimated value of $10 million upon completion.
"Demand for office space, particularly along Thousand Oaks Blvd. is in the critical
stage. Being locally-based, we believe our group is well-suited to successfully
satisfy this need," the spokesman said. Westcord officials report that the office
vacancy rate in Thousand Oaks is at a low 6.8 percent and is substantially lower along
Thousand Oaks Blvd.
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. |
