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THOUSAND OAKS, CA-The 62,000-sf Village Oaks office complex will undergo a makeover designed to renovate and improve the property, according to new owner Harry Selvin, who has acquired the office center for $10 million in a transaction brokered by Kamal Banki of Westcord Commercial Real Estate Services, who represented both Selvin and the seller, an individual investor.Selvin, a veteran investor in Conejo Valley properties who heads 45-year-old Selvin Properties, has plans for the three-story office complex that include a major renovation of the courtyard-style project next to the 101 Freeway and near the Paseo Shopping Center. The office complex was 95% occupied at the time of the sale with a mix of businesses as tenants. Selvin says the property “has great upside with long-term potential.” The renovation and upgrades will include the addition of numerous water features and fountains to augment an existing stream that traverses the property, along with potential changes to the exterior of the building. The new owner plans to maintain the emphasis on accommodating small and mid-sized tenants, explaining, “I believe there’s a great need for office space serving this business sector.”The Village Oaks center is part of a Conejo Valley office market that totals slightly under seven million sf of space and was about 10.4% vacant at the end of the third quarter, a vacancy rate that has declined about two or three points in the past year. Growth in the region has spurred a spectrum of developments in recent years and months, ranging from office developments to medical condominiums to a 160-room Courtyard By Marriott Hotel that was announced recently for a site in Westlake Village.<p.

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