THOUSAND
OAKS, CA -- Plans have been announced for the development of a high image $4
million, 24,000 sq. ft. office building in Thousand Oaks, CA, half of which will be
occupied by Baja Fresh for their corporate offices, announces Westcord Commercial Real
Estate Services.
Tony Principe, executive
vice president of Westlake Village-based Westcord, reports that TR Funding LLC of Westlake
Village, the project developer, anticipates a first quarter, 2001, start of construction
for the building on 1.4 acres of land at 100 Moody Court, Thousand Oaks. A first
quarter 2002 completion is scheduled.
Principe revealed that Baja
Fresh has signed a 10-year lease valued at $3 million for occupancy of the building's
entire 12,000 sq. ft second floor. Baja Fresh will employ approximately 45 people at
the site. The move accommodates Baja Fresh's expansion plans, including growth to
over 170 stores by year-end, Principe said. Principe represented both Baja Fresh and TR
Funding LLC.
Commenting on the pent-up
demand for office space in the market, Principe said: "The office vacancy rate in
Thousand Oaks is currently 7.5 percent, while the vacancy in the Moody Court area is
virtually zero in a pocket of multi-tenant office buildings occupied by corporate and
service type tenants. The TR Funding project is the only new office building north
of the freeway planned for construction to date."
Designed by Neil Scribner
of Thousand Oaks, the new office building, known as Moody Court Corporate Center, will be
a steel frame, Class A structure featuring generous window exposure, and four per 1000
surface
parking. The building will feature ample landscaping and elevator access.
Space is available from 4000 to 12,000 sq. ft., said Principe, the exclusive marketing
agent for the project.
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. |
