Paul Marshall, Southern California division president for Opus West, tells GlobeSt.com that the project is being designed to meet the demand both for office space for rent and office buildings for sale. He explains that growth coming out of Los Angeles and up the 101 Freeway has increased the demand for rental and for-sale product in Camarillo and other nearby markets, where the office market availability rate stands at about 7.5%.
One element of the Opus development will be a two-story, 54,360-sf multi-tenant office building for lease, while the other element will consist of 72,690 sf of office condominiums for sale. Marshall tells GlobeSt.com that the office condos are expected to attract buyers who live near the new Opus project, own businesses and are looking for office space near their homes.
The Opus development is one of the few projects of its size being developed in Ventura County because of the diminishing availability of land and local regulations that developers must meet to gain project approvals. Among these is a provision that prohibits the development of agricultural land without a county-wide referendum passing by a two-thirds vote.
The Opus West development site totals more than nine acres fronting the Ventura Freeway, on the north side of Mission Oaks Boulevard. Opus West expects to break ground in May on the project, which is scheduled for completion in March 2008.
According to Stuart Morkun, Opus West director of real estate development, the two-story office building will be class A space aimed at corporate headquarters, financial, real estate, insurance service companies and technology-oriented firms. The office condominiums are expected to attract small- to mid-sized business owners in real estate, finance, medical and legal professional services firms.
The development is being designed by Woodland Hills-based Poliquin Kellogg Design group. According to Brian Poliquin, lead architect with the firm, the design will create a pedestrian-friendly business environment that will blend with the Victorian Queen Anne-style Adolfo Camarillo House, which has been restored by the Camarillo Ranch Foundation and the City of Camarillo.
In addition to the Camarillo project, Opus West is developing Opus Corporate Center at Westlake, straddling the Los Angeles-Ventura County line. The 376,000-sf office park will be located off the 101 Freeway at Lindero Canyon Road in the City of Westlake Village.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.