BY LINDA COBURN Contributing Reporter It’s taken about a year longer than expected, so Voit Development is excited about finally breaking ground on a new 200,000 square foot industrial condominium complex in Sylmar. The 10.5 acre property at the intersection of Olden Street and San Fernando Road will be built in two phases. Phase I of the North Valley Commerce Center will see the construction of 90,000 square feet. The buildings are planned to range in size from 2,300 square feet to 30,000 square feet. “We have plans to split that into as many as 39 units,” said Tim Regan, project manager for Voit, “but we are already being approached by people wanting to combine units.” Nothing has been sold yet, Regan continued, “but we are negotiating with some buyers right now.” Regan declined to provide sales prices. “We haven’t tilted the walls yet and our experience is that prices keep going up,” he said. Voit expects to be able to announce prices in October, after the walls have been erected. Businesses should be able to move in to Phase I during the first quarter of 2008. Phase II of the project will be completed right on the heels of Phase I, offering an additional 110,000 square feet. There were several reasons Voit elected to go with condominiums. “This site was difficult to build big buildings on,” said Regan. He also said that on Voit’s last couple of projects there were a lot of smaller users that wanted to own their space. “There’s not a lot of new product that can offer that,” said Regan. Most units were sold before they were completed at Voit’s Burbank Airport Commerce Center, a 21-acre industrial condominium park in Sun Valley which was finished in late 2005. CB Richard Ellis is the exclusive marketing representative for the project. Valley Commercial Contractors is the general contractor. Ventura Boulevard Mixed-Use The venerable Barone’s restaurant will soon be giving way to an 88-home mixed-use project being developed by John Laing Homes Urban. The Mosaic as it is currently dubbed, “will have a combination of 50 condominiums, what we call flats, and 38 townhomes,” said Lupe Sanchez, marketing manager for JLHU. “The townhomes will be located on the Moorpark side, which is quieter and more residential while the 50 flats will be along Ventura Blvd.” The units will range from 750 square feet to 2300 square feet, with four stories over retail. Planned amenities include a rooftop pool, spa and lounge area, a fitness center and a business center. Although it’s too early to determine sale prices, according to Sanchez, “we can assume they will be in the mid-500’s.” No retail partners have been identified as yet. The project is still in the early development stages with approvals in process. “But we do have neighborhood council support,” said Sanchez. Demolition of Barone’s is scheduled for later in the year. Santa Barbara-based Hochhauser Blatter Architects have completed working drawings but no general contractor has been selected. JLHU anticipates breaking ground by the end of this year, with sales starting in the summer of 2008 and residents moving in later that fall. Apartment Sales The Encino office of Marcus & Millichap handled the sale of two apartment complexes in the Valley. A 61-unit complex at 6736 Cleon Ave. in North Hollywood sold for $5 million. John Walsh represented the seller, a private investor, as well as the buyer, Leeds Property. In Reseda, a 28-unit building at 6939 Baird Ave. sold for $3,900,000. Jeffrey Louks represented the seller, Madison Partners, LP and Earle Hyman represented the buyer, Becca 1 Property, LLC. U.S. Borax Headquarters Sold The 86,000-square-foot office building and 31,000-square-foot laboratory in Valencia that was previously the global headquarters for U.S. Borax has been acquired by Brentwood Capital Partners for approximately $26 million. Ron Berndt and Kevin Tamura of DAUM Commercial Real Estate Services represented the buyer while the seller was represented by Victor Frandsen, Jim Lindvall and Alan Polacsek of Grubb & Ellis. U.S. Borax relocated its headquarters to Denver.
