When the land at 5000 Camino Ruiz went on the market in Camarillo, Barack Obama was a relatively unknown senator in Illinois, the Apple Inc. iPhone was a new product and Countrywide Financial was king. The president is now in his second term, the iPhone is the world’s most successful cell phone and Countrywide is a cautionary tale – one of the biggest debacles in real estate history. Yet the 8.65 acres on Camino Ruiz still sit dormant, with nothing more than a Lee & Associates sign to occupy the space. But soon, that may change. The property is in escrow, slated to be purchased for about $14.7 million, after sitting on the market for nearly 2,250 days – more than 6 years. But Grant Fulkerson, a principal at the Lee & Associates office in Calabasas and one of the listing brokers, still isn’t very confident that a deal will get done. “This sale is on contingency that the city will allow for a change in zoning,” he said. “I’m not very optimistic that we’ll get the approval.” The site is currently zoned for limited industrial usage. But there’s little market for that type of construction, so the owner has been marketing it for multifamily development. PEGH Investments LLC of Thousand Oaks owns the property, according to CoStar Group Inc. The principal at PEGH is Gene Haas of Haas Automation, a machine manufacturer in Oxnard. And this isn’t the first time PEGH has tried to get the zoning changed. In January, the Camarillo City Council rejected a request by Triliad Development Inc. of Thousand Oaks on behalf of Haas to change the land use. Dave Norman, director of community development for the city, said things may be different the second time around. He said the growth Camarillo is experiencing from Cal State University at Channel Islands makes more apartment complexes necessary. “The City Council is concerned about where we are going to put all these students,” he said. “I think the political will is there for the right project.” Norman said the city will begin an architectural study on the site shortly, which would assess how well a large apartment complex would fit into the space at the southwest corner of Verdugo Way and Camino Ruiz. The property is near some other developments. Plaza at Mission Oaks is on the west and north, and the parcel is less than a quarter-mile from the Courtyard Camarillo hotel. Still, Fulkerson believes that Camarillo will stay true to its historical hesitation to develop, and the property will be right back on the market in a couple weeks, when the contingency ends. “It’s impossible to market,” he said. “We put a sign in the ground and don’t do much else. It’s sort of frustrating.” Industrial Rise While Camarillo may again fight multifamily development, the city has given the green light to the construction of a 92,000 square-foot manufacturing facility on five acres north of its airport. The Camarillo Airport Business Center development, which will sit at West Ventura Boulevard and Verdulera Street, will be built by BLT Enterprises of Oxnard. The company did not return calls for comment. But Patrick DuRoss, associate vice president at the Encino office of Colliers International, said the facility is being built on spec, something rare in the last few years. “It’s the only spec development of this size in Ventura County,” he said. The project comes in response to growing demand. The vacancy rate in the greater Conejo Valley industrial market dropped to 2.9 percent in the second quarter, according to data from Colliers. And what little industrial space exists in the submarket is dominated by flex buildings – space that has at least 30 percent office. Jackie Lee, an associate planner with the city, confirmed that the project is being built on spec. “There’s an empty vacant lot there right now,” she said. “But it is zoned for manufacturing and is approved on spec.” DuRoss said the design of the building allows for it to be divided into two 45,000 square-foot spaces, making it attractive to small- and mid-size companies. “For Ventura County, this will probably be perceived somewhat as a gamble,” he said. “But it’s good to see someone rolling the dice a little bit.” Portfolio Sale The Glendale Marketplace, a 154,420-square-foot, open-air retail center, has been purchased by Cypress Equities of Dallas. The property, which was sold by SBSS Holdings LLC of Torrance, is next to the Americana at Brand and across from the Glendale Galleria shopping center in downtown Glendale. Despite its prime location, the Marketplace has struggled to become much of an attraction, while the two neighboring properties have become some of the preeminent shopping destinations in the San Fernando Valley. To date, the Glendale Marketplace is about 77 percent leased, according to CoStar. “Our team will be evaluating opportunities for enhancing the property and growing the merchant roster with additional dynamic new tenants,” said Todd Minnis, managing partner at Cypress, in a prepared statement. Tenants include some national retailers, such as Old Navy, Starbucks and Outback Steakhouse. Financial details on the three-property portfolio sale were not disclosed. Cypress has properties in about 20 states, including Market Street Place retail center in San Francisco and the Shops at Dos Lagos in Corona. Staff Reporter Elliot Golan can be reached at [email protected] or (818)316-3123.
Camarillo Landowner Homes In on Multifamily
