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LANCASTER, CA-McGarrey Development Co. of Santa Monica plans a $17 million business park targeting owner-users here and already has 30% of the project’s 62,000-sf first phase in escrow, according to GVA Daum, the listing agent for the project. Larry McEwan and Dennis Marciniak of GVA Daum’s San Fernando Valley office say that McGarrey is aiming to meet what it says is an unmet demand for owner-user buildings for small businesses in this Antelope Valley area.The new McGarrey development is under way on 10.4 acres on Capital Dr. within Lancaster Business Park. The total project will comprise approximately 138,000 sf of space. The first phase will include 21 industrial condominium units ranging from 1,800 sf to 4,620 sf and is expected to be completed in the fourth quarter. McEwan cites “a huge pent-up demand by the small business principals to own their own small industrial facilities in the Antelope Valley.”The new project is being designed by Brett Shaw of Lanet/Shaw. It features concrete tilt-up buildings providing ground level loading, 16-feet of minimum interior clearance, 10% to 15% of office space, plus on-site parking. Kestly Building Co. of Moorpark is the general contractor. The project follows McGarrey’s previous history of projects in the region, including its development of 21 industrial buildings totaling more than 250,000 sf from Oxnard to Valencia since 1986.The new development is occurring in a North Los Angeles County industrial market that is strong and growing stronger, according to the most recent quarterly survey by Daum, covering the first quarter of this year. The Daum survey reports a base inventory of approximately 5,290 buildings totaling roughly 161.6 million sf among industrial and flex buildings that are 5,000 sf and larger. Overall vacancy rates, including sublease space, declined from 4% to 3.7% during the first quarter, calculated on a year-to-year basis.

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