Owner-User Sales Close at Two Projects

[IMGCAP(1)]NEWBURY PARK, CA-A 40,000-square-foot business park here has opened with 70% of the space pre-sold, and in Calabasas Arden Realty has sold a 36,660-square-foot office building to an owner-user for approximately $7 million, according to brokers involved in the deals. The Newbury Park project is called Lavery Business Park and is located at 2631, 2635 and 2639 Lavery Court. The building that Arden sold is at 26010 Mureau Rd. in the Calabasas Commerce Center.

Tony Principe, president of Westlake Village-based Westcord Commercial Real Estate Services, reports that escrows just closed on the 70% of space that was pre-sold at Lavery Business Park, which targets small businesses as buyers. The park is a renovation and conversion project of units for sale from 846 square feet to 7700 contiguous square feet.

[IMGCAP(2)]Principe and Jim Darin of Westcord are the marketing agents for Lavery Court LLC, the project owners, who acquired the property in 2007 and launched a two-year renovation that included introducing voluntary seismic upgrades, new roofs, mechanical systems, new parking, landscaping, newly finished warehouse floors, roll-up doors, and high-end security systems with multiple cameras. Simultaneously, the owners initiated the condo conversion of the vacated buildings for 30 for-sale units. Principe notes that owner financing is available up to 90% at 5.95% interest only and that the seller offers to make the first six months of mortgage payments.