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Industrial-Retail Mix Boosts Value

Van Nuys, CA—Because it had so much success pairing retail with industrial development at The Plant at Van Nuys Center here, Voit Development Co. is…

By John McCloud | Updated on April 26, 2006

Van Nuys, CA—Because it had so much success pairing retail with industrial development at The Plant at Van Nuys Center here, Voit Development Co. is doing it again. The Woodland Hills, CA-based firm is repeating the same combination in phase two of the project, albeit with certain modifications.

The 68-acre Phase I has 800,000 sf of industrial space and 368,200 sf of retail. The 15-acre Phase II will have less than 30,000 sf of retail and 535,000 sf of industrial. Voit and development partner Selleck Development Group of Westlake Village, CA also own an additional 11 undeveloped acres adjacent to the project.

Voit completed the first phase on spec in 2000 and quickly sold the project’s five industrial buildings to owner-users. Tim Regan, Voit’s vice president for development and acquisitions, says the company didn’t intend to sell the properties. “We would have loved to build them and hold them, but that’s the way the market responded,” he says. The retail portion leased to tenants including the Babies “R” Us division of Toys “R” Us Inc., OfficeMax Inc., Ross Stores Inc., Mann Theaters Inc. and Hometown Buffet Inc. The Home Depot Inc. and In-N-Out Burgers Inc. bought pads for development of their own stores. Voit subsequently sold the retail center.

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