Another technology operation is on the prowl in the Ventura (101) Freeway Corridor. Accelerated Networks, a telecommunications company that went public in June, is searching for a new headquarters location to consolidate its three existing facilities. The company, which has occupied about 60,000 square feet of space in Moorpark and Simi Valley, is looking for 100,000 to 125,000 square feet in anticipation of a continued growth spurt. “We plan to double the number of employees over the next several years,” said Fred Boyer, chief financial officer for the company, which currently employs about 260 workers. Boyer added that Accelerated Networks hopes to find a campus-like environment that will allow it to expand as the business grows. The company is looking at both build-to-suit and existing buildings throughout the Conejo Valley as well as Moorpark and Simi Valley. “They’ve grown so much and employees have moved into that area, so their preference is to stay in the area,” said Rick Pearson, a broker with Cresa Partners, who is representing the company along with Cresa’s Carlo Brignardello. For the second quarter ended June 30, Accelerated Networks reported a pro forma net loss of $8.3 million (19 cents a diluted share), compared to a pro forma net loss of $3.8 million (10 cents) for the comparable quarter in 1999. Revenues at the company soared to $8.8 million from $1.2 million for the second quarter of 1999. Accelerated Networks expects to continue to operate in the red until 2001, Boyer said. “The loss is not a surprise. We’re investing in building a business, and we’re continuing to invest in research and development, sales and marketing.” Since its IPO in June, the company’s stock has gone from $15, the offering price, to a high in the $60 range. Since late August, however, Accelerated’s stock has been trading in the range of $21 to $26 a share. The company, which has negotiated lease terms that would allow it to move all its employees from the existing facilities simultaneously, hopes to move into a new location by the third quarter of 2001. New Tenants in Westlake Village Westlake North Business Park, the office center developed by Investment Development Services Inc., has inked deals with two new tenants. Thorson & Associates, an insurance company that has been housed in 6,250 square feet of space in Warner Center, has signed a lease for about 20,000 square feet in the center. The second new tenant at the business park is Genuity Solutions, formerly GTE Internetworking, which was spun off as a global service provider serving the Verizon Enterprise Solutions Group. Genuity will occupy about 11,000 square feet in the park. Robert Chavez and Christina Bellinghausen, brokers with Staubach, represented Thorson & Associates. Richard Bright and Lee Black at Cushman & Wakefield of California Inc. represented Genuity. Tom Festa, a broker with Grubb & Ellis Inc., represented the landlord. Van Nuys Sale Kept LLC has acquired a 23,548-square-foot office building in Van Nuys for $1.6 million. The building, at 6946 Van Nuys Blvd., was sold by a private investor, Danny Simon. Kept LLC was represented by Steve McKenzie of Delphi Business Properties and George Stavaris, who recently left Delphi to join Cushman & Wakefield. Cathy Scullin, a broker with NAI Capital Commercial, represented the seller. Burbank Lease Telecommunications company ICF Communications has signed a lease for 14,365 square feet of space at 1700 W. Burbank Blvd. The five-year lease is valued at $1 million. ICF was represented by R. Scott Martin at Charles Dunn Co. The landlord, GAB Inc., was represented by Greg Geraci at CB Richard Ellis Inc. Retail Sale A private investor has acquired a 5,720-square-foot retail strip center in Encino for $1 million. Roy Dimashkieh acquired the center at the corner of Ventura Boulevard and Oaks Park from Lately Inc. The center, which sits on an 11,270-square-foot parcel, currently houses three tenants, Mulberry Street Pizzeria, which is owned by actor Cathy Moriarty, A-1 Carpet Market and Barry Cooper Properties. Another retail space of about 1,140 square feet is available for lease. Tom Specker and Scott Silverstein of Charles Dunn Co. represented the seller. Rob Fullerton with Griben Properties represented the buyer. Firm’s Plant Balloons Air Dimensional Design, a maker of inflatable balloons for advertising and other events, has moved into a new facility, more than doubling its capacity. The company has leased 10,832 square feet of industrial space at 14141 Covello St. in Van Nuys from CAST Real Estate Holdings. Air Dimensional Design had been located in a 4,800-square-foot facility on Venice Boulevard in Los Angeles. Ron Feder and Jason Hoiby at RJ Feder & Associates represented the landlord. Monte Richardson, a broker with Julian J. Studley Inc., represented the tenant in the deal. Iron-Clad Sale Iron Knob, a manufacturer of ornamental iron works, has acquired a 10,500-square-foot facility in Van Nuys. The company, which employs about 20 people, plans to relocate its plant from Canoga Park in October. Merv Einbund of Westcord Commercial Real Estate Services represented Iron Knob. Ted Roberts of Westcord represented the seller, Rosco Enterprise. The purchase price was not disclosed. Staff Reporter Shelly Garcia can be reached at (818) 710-2731 or by e-mail at [email protected].
