12-Unit Office Condo Project Begins

CAMARILLO, CA-With 50% of its space already in escrow, construction has begun on Camarillo Springs Corporate Center, a five-building office condominium campus earmarked for small businesses, according to Westcord Commercial Real Estate Services.

The 65,000-sf project is being built by Silagi Development Co. of Thousand Oaks at a 5.4-acre site fronting Camarillo Springs Golf Course along Camarillo Springs Road. Principal Moshe Silagi says he sees a shift under way in the office market along the Ventura Freeway (101) corridor from large-scale to small office tenants. His project will offer 12 units at sizes from 4,500 sf to 7,000 sf.

Tony Principe of Westlake Village-based Westcord, which is marketing the project for Silagi, says the buildings will have freeway visibility. Principe says buyers are getting into the condos with low interest rate SBA loans and as little as 10% down. Buyers and prospective buyers, he says, thus far are mainly firms from the Conejo Valley.

Principe and Westcord partner Darryl Zilberstein are the listing agents for the project, where Principe says monthly occupancy costs will work out to under $1.70 per sf, including mortgage, taxes, insurance, utilities and association fees. By comparison, he says, most Conejo Valley office rents start at about $1.85 per sf and go up to $2.60 per sf, escalating annually.

The new condos are due to be ready for occupancy in October. The project was designed by Neal Scribner Architecture of Camarillo. The buildings are described as Early California architecture with red tile roofs, textured stucco facades and dual-glazed windows. Key interior features include individual suites with private baths in each unit, and a $20 per sf tenant improvement allowance.