If you build it in the Conejo Valley, they will come. In today’s market, they may even show up before you start to build. Westlake Plaza Centre III, an $18 million office and hotel project, has signed its first office tenant even before construction has started on the building. Merrill Lynch leased a 13,000-square-foot space in the planned complex for a regional office that will house about 45 employees currently located in Thousand Oaks. Westlake Plaza Centre III, taken over last year by a group of private investors from Richland Communities, is the final phase of a complex that also includes a Hyatt Hotel currently under construction and two already built and fully occupied office buildings totaling about 200,000 square feet. When completed, Phase III will add another 81,500 square feet of office space in a three-story building. Westlake Plaza Centre III is expected to be completed by the end of the year, according to Tony Principe, a broker with Westcord Commercial Real Estate Services, which is representing the ownership entity, Plaza Centre III LLC. Merrill Lynch, which will become the building’s anchor tenant, eventually plans to add another 12 to 15 financial consultants to the staff that will be housed in the new building. The 10-year lease is valued at $4.5 million, Principe said. Merrill Lynch’s quick commitment to the building is testimony to strong demand in the Conejo Valley and very little available supply. The office vacancy rate declined to 6 percent in the first quarter, down from 9.6 percent at year-end 1999, according to Grubb & Ellis Co. Simi Retail Center Sold A group of investors has acquired Simi Auto Center in Simi Valley for $1.7 million. The 11,179-square-foot center is located on a one-acre parcel at 1842 E. Los Angeles Ave. It houses six tenants and is anchored by Winston Tire, according to Jim Darin, a broker with Westcord Commercial Real Estate Services who represented the seller, Simi Valley Associates. The buyer was Condos Family Trust. Airship Maker Moves Worldwide Aeros Corp., a blimp manufacturer, leased a 21,880-square-foot industrial building at 8411 Canoga Ave. in Canoga Park. The company is relocating from Chatsworth. Its new facility will house corporate offices and a manufacturing facility for airship gondolas, according to Craig Weisman, a broker with Told Partners who represented the tenant. Ron Kassen of Beitler Commercial Realty Services represented landlord, Senter Family Trust. Thousand Oaks Sale A former bank branch building in Thousand Oaks was sold to a private investor for $2.3 million. The 11,000-square-foot property at 3360-3366 Thousand Oaks Blvd. is currently vacant. Bert Abel and Mitch Bayat of Grubb & Ellis represented the seller, Goldberg Family Trust, in the transaction. Dennis Bloom of Westcord Commercial Real Estate Services represented the buyer. Industrial Lease Restaurant Depot leased a 58,174-square-foot industrial facility in Van Nuys. The building at 15925 Strathern St. is owned by Prudential Real Estate Investors. Mike Clark and David Hasbrouck of Cushman & Wakefield Inc. represented the landlord in the deal. Apartment Deal The Sidley and Winthrop Family Trusts sold three apartment buildings in Reseda valued at a total of $4.9 million. Maxfield Apartments, a 40-unit complex at 7701 Reseda Blvd., was acquired by Res Wick Partners in Beverly Hills. Two other complexes, totaling 72 units at 18317 and 18331 Kittridge St., were purchased by Sussex Capital Group of Woodland Hills. Dean Zander, a broker with Hendricks & Partners, represented the buyers and seller in the transactions. Auto Expansion Autoworld-KIA has leased an 8,500-square-foot parcel in Canoga Park. Autoworld-Kia will use the site for a used-car dealership. The 20-year lease is valued at $2.4 million. The dealership is the third Kia location in the San Fernando Valley. Joe Lopez, a broker with Westcord Commercial Real Estate Services, represented Autoworld-Kia. Agency Delay The North Hollywood Community Redevelopment Agency will seek a six-month extension on its efforts to strike a development deal with J. Allen Radford. Radford has proposed a 1.8 million-square-foot project on a site located at Lankershim and Magnolia boulevards that will include office buildings, a hotel and retail stores. The delay in reaching an agreement with the city was caused in part by changes in the project since Radford first proposed it in 1998. At the time, the developer had envisioned a larger project that included, among other things, sound stages. Agoura Hills Transaction Principals of Reed’s Furniture have acquired a 2.5-acre parcel of land in Agoura Hills. The buyers might use the property on Canwood Place to expand their retail facility, or they might lease it to other tenants, according to Merv Einbund, a broker with Westcord Commercial Real Estate Services. Staff reporter Shelly Garcia can be reached at (818) 710-2731 or by e-mail at [email protected].
