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Thursday, Mar 28, 2024

REAL ESTATE—Selleck Talking to LAUSD on Panorama City Parcel

It’s finally under way…maybe. With one tenant in tow, Selleck Development Co. is set to begin construction on an industrial and retail complex on Van Nuys Boulevard in Panorama City. The 253,000-square-foot development will include a warehouse and distribution build-to-suit along with a restaurant and retail stores, said Dan Selleck, president of the company. Selleck has inked a deal with Universal Wilkes Co. Inc., a warehouse distributor, for a 197,000-square foot facility. In addition, the company is planning to build about 15,000 square feet of retail space. The project is across the street from The Plant, an industrial complex and retail shopping center that Selleck developed with Voit Development Co. Selleck acquired the 11-acre parcel, a former Carnation manufacturing plant, in May 1999, but the company waited to begin the project while it explored a number of options for the property. With the deal with Universal Wilkes in place, Selleck is due to begin construction next month. However, the Los Angeles Unified School District has tried to stop the project, saying it now wishes to build a school there. The school board targeted the site as part of a study of potential school locations over a year ago, but made no attempt to contact Selleck or try to purchase the property until recently. Selleck was granted a conditional use permit for the development over the objections of school board officials. “We are having ongoing negotiations (with the school board),” said Selleck. “I’ve been told they’ll be submitting an offer shortly. Obviously, timing is critical for us at this juncture.” Voit Gets Busy Semtech Corp. has selected Voit Development Co. to develop the first phase of a 220,000-square-foot corporate campus in Camarillo. The 83,360-square-foot facility is part of a three-building complex the company expects to build on the 13-acre site. Among the amenities Semtech is including in its new corporate headquarters will be a half-court basketball court, weight room and exercise room. “One of the key elements behind Semtech’s success has been attracting the best engineers,” said Tim Regan, project manager for Voit. “That means offering not only a great compensation package, but a great facility.” Semtech, a manufacturer of analog semiconductor chips, will move from Newbury Park. The first phase of construction is scheduled to be completed by July 2001. Poliquin Kellogg Design Group is the architect on the project. Sun Valley Deal An investment group that includes two of the brokers who handled the transaction has acquired a 75,000-square-foot industrial facility in Sun Valley for $4 million. The multi-tenant industrial park at 9960-9900 Glenoaks Blvd. sits on a 3-acre parcel of land. The investors include Ross Thomas and Michael Hooker, both with Delphi Business Properties. Thomas represented the buyers and the seller, G & G; Business Center. Fast Sale Turbonetics, a manufacturer and distributor of turbochargers, has acquired a 21,700-square-foot industrial facility in Simi Valley for $1.8 million. The company plans to use the building, at 2255 Agate Court, for research and development, assembly and distribution. Turbonetics will be relocating from Moorpark. Craig Weisman, a broker with TOLD Partners, represented the buyers. Stuart Scott of Daum Commercial Real Estate Services represented the seller, Alan Pocrass. Chatsworth Lease InfoLink Screening Services Inc., a company that provides background screening for job applicants and employees, has leased 18,000 square feet of office space in Chatsworth. The company will relocate its corporate headquarters, now in Encino, to the new facility at 9201 Oakdale Ave. this month. The seven-year lease is valued at $2.6 million. Sheryl Mazirow of Grubb & Ellis represented the tenant. Bennett Robinson of CB Richard Ellis represented the landlord. Apartment Market Strong Buoyed by vacancy rates of 4.4 percent, apartment rents in the San Fernando Valley inched upward to an average of $818 per month in the first half of 2000, from $805 per month at the end of 1999, according to a recently released report by Marcus & Millichap Real Estate Brokerage Co. The Marcus & Millichap report found the highest Valley rents in Glendale, Studio City, Encino and Woodland Hills. Investment sales activity also rose in the first half of the year. About 177 sales totaling $303 million were transacted during the period, compared to 166 sales totaling $276 million for the same period in 1999, according to the report. Marcus & Millichap cautioned however that activity may slow as sellers raise their asking prices to levels higher than many buyers are willing to pay. News and Notes Maclauren Properties has acquired a 14,000-square-foot parcel in Van Nuys for $425,000. Ron Feder with R.J. Feder & Associates, represented the seller, Armand & Judith Grant Trust. Bill Sherwood at Coldwell Banker Commercial represented the buyer. R.J. Feder also brokered a 4,500-square-foot lease to Parts in Motion, Inc., a computer parts company, at 21018 Osborne St. in Canoga Park. California Bank & Trust will relocate its Encino retail banking offices to a 3,192-square-foot location at 16130 Ventura Blvd. in Sherman Oaks. The bank was represented by Ari Waldstein of NAI Capital Commercial. The lessors, M. David Paul & Associates, represented themselves in the deal. Staff reporter Shelly Garcia can be reached at 818 676-1750, ext. 14, or by e-mail at [email protected].

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