Larwin's $24M Spec Park Takes Shape

LANCASTER, CA-Larwin Investment Co. of Encino has tilted the panels for its 24-acre Fox Field, a $24 million speculative industrial project near the Fox Field general aviation airport. The development is part of 1 million sf of industrial space now under construction in the Antelope Valley, according to Greg St. Clair, EVP and COO of Larwin.St. Clair points out that the new space is aimed at the many businesses expanding into North Los Angeles County. Larwin is marketing its buildings for sale in one of the first projects of its kind ever built in Antelope Valley offering buildings for sale in its size range.St. Clair says the Antelope Valley "is undergoing what the Inland Empire experienced 15 to 20 years ago in that the industrial base is now feeding all other sectors." Companies such as Countrywide, Rite-Aid, Michael's, U.S. Pole, Delta Scientific, Sygma, and Lance Campers have opened major facilities in Antelope Valley.Fox Field Business Park will feature 24 buildings for sale ranging from 6,400 sf to 29,000 sf. Phase one includes buildings from 6,448 sf to 16,698 sf that are slated to be ready for occupancy in September.The development is being built by general contractor Atkinson Construction Co. of Lancaster and designed by Lanet/Shaw of West Los Angeles. When completed, the park will comprise approximately 220,000 sf. Listing agents for the project are Larry McEwan and Dennis Marciniak of the San Fernando Valley office of GVA Daum.McEwan and Marciniak note that the development is within Antelope Valley's Enterprise Zone, which provides incentives including employee hiring credits, sales and use tax credits, manufacturer's investment tax credits, business expense deductions and interest deductions for lenders.According to Mark Bozigian, Lancaster's redevelopment director, companies are moving to Antelope Valley as land runs out in the San Fernando and Santa Clarita valleys. The Antelope Valley Economic Alliance says that in Lancaster, where 71% percent of the valley's industrial stock is located, the vacancy rate has dropped by more than 1% since 1997 despite a steady increase in construction of new space.Larwin Investment Co., which was established in 1984, is the general partner and managing agent for a diversified real estate portfolio under common ownership with the Larwin Co., a major Southern California residential builder.