Tingus, president of Lee & Associates' LA North/Ventura operations, represented the seller, Moorpark Freeway Corporate Center LLC, and the buyer, a joint venture of Ossola Moorpark Corporate Center, LLC and Patriot Drive Holdings LLC. The property--zoned for industrial, office and retail uses totaling in excess of 495,000 sf—will be the site of a business park that will be unique, according to Tingus.
It will be the only business campus in the area where tenants won't have to get into their cars and drive to go shopping, have lunch and take advantage of other retail and service businesses situated next to the business park, Tingus explains. The retail includes the 300,000 Moorpark Marketplace, to be connected to the business park by a pedestrian walkway, and the new $50 million the Village at Moorpark Shopping Center that Ossola is developing on a site adjacent to the Moorpark Freeway Corporate Center.
Buildings at the business park will be offered for lease or for sale, with Tingus heading a Lee & Associates team of leasing and investment sales agents for the project, which is slated to get under way within 90 to 120 days. He notes that the development plan offers the flexibility to build industrial, retail, office or medical office space.
The $26 million sales price for the development site works out to about $18 per sf, compared with land prices that range roughly from $15 per sf to $25 per sf in the area. The purchase price reflects the demand for development land in submarkets stretching from the West Valley to Camarillo to Newbury Park to Simi Valley and environs, Tingus says.
Tingus notes that Moorpark Marketplace has lined up restaurants Denny's, Del Taco, In-N-Out Burger and others as tenants, along with a food court featuring Baja Fresh, Jamba Juice, Quizno's and others, as well as retail tenants including Target, Kohl's, Linen's 'N Things. In addition, the Village at Moorpark Shopping Center will be anchored by Petco, Staples, Chicks Sporting Goods, Sav-On, a variety of specialty shops and eateries.
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