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WESTLAKE VILLAGE, CA-A joint venture of Steadfast Business Properties of Newport Beach and the Amstar Group of Denver plans to develop a 482,000-sf speculative suburban office project of eight buildings on 28 acres, according to Bob Searles, president of Steadfast. The project will be called Westlake Plaza: Steadfast Signature Collection and will be developed on a site along the 101 Freeway, between Westlake Boulevard and Lakeview Canyon Road.Mike Foxworthy of the Camarillo office of GVA Daum cites a vacancy rate of 7.1% in the Conejo Valley and Ventura Plain, combined with growing demand for office space in the region. Foxworthy and Craig Cahow of GVA Daum’s Woodland Hills office will be the leasing reps for the project, which has already generated calls from prospective tenants who have learned of the JV’s acquisition of the land, according to Foxworthy.The office market is even tighter in Westlake Village, about 5.7%, says Foxworthy. Cahow adds that the demand is coming from the growing population in the area, with business owners looking to find offices closer to their homes in an effort to avoid the commute into West Los Angeles and other office markets where many now drive each day.The developers expect to begin construction in the spring of 2006, with the Fullmer Cos. of Ontario as the contractor and Behr Browers Architecture Inc. of Westlake Village as the architect. The joint venture bought the land from Canyon Mesa Inc., with Foxworthy representing the seller and Maury Panza of Collins Commercial representing the buyer.The project will be the latest in a series of developments in which Amstar aims to build in “markets with strong fundamentals, such as Southern California,” says Brad Broyhill, executive director at Amstar Group. Amstar, established in 1987, has developed more than 75 properties valued at $2 billion. The Steadfast Cos. acquire, develop and manage real-estate properties in the United States, Hawaii and Mexico.

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