JV Lands Nearly $43M in Funding for Business Park

MOORPARK, CA-A joint venture of Northern California's Patriot Drive Holdings and Southern California developer Mark Ossola has secured $42.9 million in financing from El Segundo-based Pacific Coast Capital Partners for a 465,000-sf light industrial park here. Greg Galusha, managing director at Pacific Coast Capital Partners, tells GlobeSt.com that the project will take shape on raw, rough-graded land at the corner of New Los Angeles Avenue and Miller Parkway.The property is fully entitled for the development of the 465,000 sf, which will consist of light industrial concrete tilt-up buildings ranging from 5,000 sf to 40,000 sf that will be marketed for sale. Galusha says the project, to be called the Corporate Center at Moorpark Village, will be built in phases of about 100,000 sf to 150,000 sf.The $42.9 million in funding includes both acquisition and construction financing, Galusha tells GlobeSt.com. The 30-month-term, floating rate loan is non-recourse with a 90% advance against cost, he notes.The development site is close to the 118 and 23 freeways in Ventura County, where, Galusha points out, "The Moorpark, Simi Valley and western San Fernando Valley markets have virtually no new product." The few small business parks that have been delivered to the market recently have sold out at extremely attractive pricing, he adds.The project is the latest in a series of developments for Ossola, principal of M.W. Ossola and Associates Inc., whose most recent projects included the $40-million Commerce Center at Van Nuys Airport and the $30-million Agoura Technology Center. Ossola has about $135 million of development under construction, including the $50-million Village at Moorpark shopping center in Moorpark.Patriot Drive Holdings LLC is managed by Nearon Enterprises, a privately held San Francisco area real estate investment and development company. Nearon has interests in approximately 3.8 million sf of residential, commercial, industrial, office and multifamily buildings. Pacific Coast Capital Partners, which provides capital for a broad spectrum of real estate projects, has invested more than $2.8 billion in California and other western states.