Approximately 125,000 sf of the project is already under contract to buyers.When completed, Patriot Commerce Center will offer about 66,000 sf of office and medical space and approximately 240,000 sf of industrial/R&D buildings and condominiums for sale and lease. The development is located at the 118/23 Freeway within walking distance of the Village at Moorpark shopping center.
[IMGCAP(2)]When Ossola began construction of the project earlier this year, Tingus noted that the development had been four years in the making and was threatened by the credit crunch at one time. The developer is financing the project with $60 million in construction and mezzanine financing provided by Pacific National Bank and Hillwood, according to an earlier report on the development by GlobeSt.com.
[IMGCAP(3)]While the loan package would be notable even during positive economic times, the fact that the loans were completed during difficult times for financing "is a testament to the strength of this development," Tingus commented at the time. The Patriot Commerce Center will create a business park in a suburban setting in an area where very few properties of this kind available for sale in the area, according to Tingus.
RCI Builders is the construction company on the project. The team of Ossola and RCI also was responsible for The Village at Moorpark, an adjacent shopping center that will provide retail, restaurant and banking amenities for the Patriot Commerce Center occupants.
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