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THOUSAND OAKS, CA-Buyers have committed to 20 of the 38 medical office condominiums at Regency Medical Plaza, or 55% of the space in the 70,000-sf project, according to Commercial Real Estate Services. Tony Principe of Westlake Village-based Westcord reports that the 20 units are in escrow as construction gets under way on the project, a development at Newbury Road between Lynn and Ventu Park roads. Westcord is the listing agent for the condos, which are one of the first medical office condo projects in Ventura County in years. Principe says the deals now in escrow represent more than $10 million in sales. Regency Medical Plaza is a development of locally based Silagi Development & Management Co. Regency Medical Plaza is a two-story project located on 4.5 acres of land. It is due to be completed this summer. Principe says the strong pre-construction sales verify the belief that doctors and other medical professionals want to own their own facilities, just as other owner-users do. The buyers at Regency are taking advantage of 90% SBA financing, he notes. The Regency project includes a number of types of practitioners and an on-site pharmacy. Developer Moshe Silagi has cited an increasing need for health care services in the wake of growth in the Conejo Valley. Silagi points out that healthcare is becoming a more important concern as the average age of the Conejo Valley population rises. Designed by Neal Scribner Architecture of Thousand Oaks, Regency Medical Plaza will be a steel frame and steel stud building with a stucco facade and natural stone encased columns at all four entrances. A courtyard will tie into a pair of two-story internal lobbies.

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