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Friday, Jun 9, 2023


CHRISTOPHER WOODARD Staff Reporter A developer has unveiled plans for the second of two industrial complexes along the Ventura (101) Freeway high-tech corridor, hoping to fill a niche for smaller, single-tenant industrial buildings. Santa Ana-based Burke Real Estate Group plans to develop a $10.2 million industrial complex in Camarillo called the Burke Camarillo Corporate Center. The project, which is being developed in an existing industrial park south of the 101 Freeway, will feature 18 buildings of less than 10,000 square feet each for a total of 120,000 square feet. The complex, which was approved by the Camarillo City Council on Sept. 8, comes on the heels of Burke Real Estate’s development of Grande Vista Business Park, a $13 million project in Thousand Oaks that the company began developing last year. Burke has already sold or leased 70 percent of that project. “What we found in Camarillo and Thousand Oaks is there’s a hole in the market in terms of 5,000-to-10,000-square-foot buildings for sale,” said Jason Harris, a project director at Burke. “We’re serving that demand there.” So far, the company already has commitments from two companies wishing to buy into its Camarillo project and a third is close to signing, Harris said. Bob Pettit, a Thousand Oaks-based broker working with Burke to market the properties, said both projects cater to smaller, mostly high-tech companies looking to take advantage of the tax and other benefits of owning their own buildings. Most of the clients are fleeing multi-tenant industrial parks, where annual rents can range from $65 to $80 a square foot. Buildings at the Camarillo Corporate Center are being offered for sale at $86 to $92 a square foot. “These are entrepreneurial guys who are tired of paying rent,” Pettit said of the project’s target market. The Camarillo project is located along Calle Plano, near the intersection of Calle Carga and Calle Bolero. Development is slated to begin in December, with completion expected next summer. Burke’s Thousand Oaks project, at 3225 Grande Vista Drive, was the first speculative industrial project to be undertaken in Ventura County in nearly 10 years. Burke has pre-sold or pre-leased all but six of that project’s 22 buildings. Burke has eight other developments under construction in Los Angeles and Orange counties, but Harris said the absorption rate in Thousand Oaks has been unprecedented in the company’s experience. He expects the same success in Camarillo. “(The Thousand Oaks project) is really hitting its stride. We’re not sure how deep the market is, but we’re cautiously optimistic,” Harris said.

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