Delivery of the first seven buildings is scheduled for September, with at least three additional buildings expected to be completed monthly through March 2008. Approximately half of the buildings are already sold.
Principe comments that the developer wanted to build small buildings to fill a void in the market while providing an opportunity for small businesses to own their buildings. "Buildings of this size and quality for sale have not been built in Conejo Valley for the last 20 years," Principe says.
Principe notes that the developer is offering all options to users at the new project: purchase, lease, or lease with option to buy. Designed by Tom Oswald Architects of Thousand Oaks, the new park will feature parking at a ratio of four spaces per 1,000 sf of buildings space, plus an improvement allowance of $25 per sf.
Medical buildings are priced at $20 per sf more to cover added parking, with a $35 per sf improvement allowance. Asking rent for leasing the buildings starts at $2.50 per sf triple-net on a 10-year lease term.
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