Eastern Ventura County’s room to grow runs low

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MOREWalnut’s Malik Khouzam voted Southern California Boys Athlete of the Week160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! Two deals, one big and one small, on opposite sides of the Conejo Grade, say a lot about the commercial market in eastern Ventura County. It looks a lot like those in the San Fernando and Santa Clarita valleys. Tight, with not much room to grown. “The real issue is that there is no land left,” said Michael Foxworthy, executive vice president and regional manager of GVA Daum’s office in Camarillo. Foxworthy represented Canyon Mesa Inc., which recently sold 28 acres in Westlake Village to Westlake Plaza Center East LLC, a joint venture between Steadfast Business Properties of Newport Beach and Amstar Group of Denver. Maury Panza of Collins Commercial represented the buyers and terms were not disclosed. And it might be a long time before a deal like this is seen again, Foxworthy said. This is likely the last big site that can be developed between Sherman Oaks and Santa Barbara, he said. “We’re running out of land and we’re going to run out of buildings.” This development group is going to add to the supply, though. It’s planning Westlake Plaza, an eight-building complex consisting of 482,215 square feet near Townsgate Road and the 101 Freeway and Lakeview Canyon and Westlake boulevards. Foxworthy said that the vacancy rate in the Conejo Valley and Ventura Plain is 7.1 percent, and it’s 5.7 percent in Westlake Village. That means those markets are considered at capacity. So once these buildings are up – construction should start early next year – tenants should follow. “In the few days since Steadfast has acquired the property, we have already begun to receive calls from interested parties,” he said. The project would draw businesses from the West San Fernando Valley and the Westside of Los Angeles. John DeGrinis sees the same kind of market dynamic on the other side of the Conejo Grade in Camarillo. “We’ve run out of land virtually everywhere,” said DeGrinis, a senior vice president of Colliers Seeley International. “We’ve really approached build-out in a lot of areas of our region.” That assessment applies to space for industrial and commercial projects. One of DeGrinis’ latest transactions illustrates this predicament. He worked on the sale of one of the last parcels of undeveloped land in the Camarillo Ranch Business Center at 4011 Camino Ranch. His client, Howard California Properties, paid $2.3 million for the 2.94-acre site. That’s neither a big parcel nor a big price. But big does apply, in this case. The deal worked out to $17.85 per square foot, which DeGrinis believes is the highest price paid on this basis for raw land in Ventura County. The land had already been approved for development of a 48,526-square-foot building, so that will save his client some time, and created additional value for the seller. “All he has to do is go to the city, pay his fees and up we go,” DeGrinis said. Gregory J. Wilcox, (818) 713-3743 [email protected]last_img