X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OXNARD, CA-Western Commercial Bank has signed as the first tenant at RiverPark Gateway, an office park planned for 73,118 sf in the 700-acre RiverPark development, according to Lee & Associates. Western Commercial has signed to occupy a freestanding, 3,622-sf building at 2801 N. Ventura Rd. that will be the second location for the Woodland Hills-based bank, which opened for business just two years ago.

Lee brokers who worked the deal say that it’s not surprising that a commercial bank became the first tenant to sign onto RiverPark. Just as the San Fernando Valley was initially populated as a bedroom community and grew into a commercial hub in its own right, so too is Western Ventura County developing a strong commercial component with Oxnard as its center, they say.

Grant Harris, a principal at Lee & Associates-LA North/Ventura Inc., says that with local businesses expanding in conjunction with continued western migration into the region, Lee anticipates that a high percentage of the project will be leased or sold before the estimated completion of the project in September. Harris, along with associates Scott Carper and David Kim, represented the developer and builder, Martin Teitelbaum, in the lease. Mike Tingus, Lee & Associates president and managing partner, represented Western Commercial.

Western Commercial President and CEO Carl Raggio III says that he chose RiverPark for its central location and because the bank already has many clients in the area. Raggio adds that the bank planned to expand as soon as it became profitable, and it reached that milestone last October.

The RiverPark development that RiverPark Gateway is part of will include 2,500 housing units, schools, parks, retail stores and restaurants when it is completed. Harris observes that RiverPark “is becoming the epicenter of West Ventura County.” The Lee team is in negotiations to lease approximately 36,000 sf in RiverPark Gateway and is fielding interest on another 10,000 sf of properties.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.