Fresh off the success of its Burbank Airport Commerce Center, Voit Development Co. has acquired a 10.5 acre site with plans to build a 200,000-square-foot industrial park in Sylmar. The property had not been listed for sale. It was subdivided and entitled by the seller, Tutor Saliba Construction Co., for a 95,000-square-foot building. The limited building potential along with a slope on the site dissuaded several other developers who had previously gone after the property. But when Voit officials began to examine the history behind the entitlements, they discovered that there would be considerably more opportunity to build there, said Tim Regan, vice president of acquisitions and development for Voit. “There were still matters of record having to do with open space, but we knew that wasn’t the city’s intent when they issued the entitlements,” said Regan of the property, which is located within an industrial area. Regan would not disclose the purchase price, but others familiar with the deal estimated the company paid $23 to $26 per square foot for the property. Voit plans to develop 95,000 square feet of industrial condominium units ranging from 2,500 square feet to 36,000 square feet each in the first phase. The second phase will include small industrial buildings for sale or build to suit projects. The project is located at 15900 Olden St. It follows the successful completion of another industrial condominium project Voit built at the Burbank Airport Commerce Center, a 21-acre industrial park in Sun Valley. The units in that project were sold before they were completed, thanks largely to the strong demand by small industrial companies who are finding that, with interest rates low, owning their facilities can be more affordable than leasing. Voit has also acquired a 72,000-square-foot industrial property in Sun Valley with plans to subdivide it and offer 24 industrial condominiums for sale. Those units will be priced at $595,000. Voit expects to break ground on the Sylmar project next May and to complete the first phase in the first quarter of 2007. David Harding and Greg Geraci, both with CB Richard Ellis, represented Voit. The seller was represented in house.
