Bank Signs as First Tenant at RiverPark

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.