Final phase of business park underway in Camarillo
By Daniel Wolowicz camarillo@theacorn.com

ARTIST'S RENDERING- The second and final phase of the $40 million Flynn Road Business Park recently broke ground in the Camarillo business district near the intersection of Flynn and Adolfo roads.

Construction has begun on the second and final phase of the Flynn Road Business Park, a $40 million commercial real estate development on the corner of Flynn and Adolfo roads in Camarillo's business district.

The final piece of the 13-acre business park is a 4-acre parcel that will include six medium-sized industrial units and a two-story office building with six suites. The three-building project will total 65,000 square feet of industrial and office space.

Developed by Camarillo-based TOLD Corp., the business park already consists of a 14-suite office building, 55 small industrial units and two singleoccupant industrial buildings.

The second phase of the property is being handled by the Camarillo office of real estate firm CB Richard Ellis.

TOLD Corp. vice president Bill Robe said the sizes of the industrial suites for the second phase will be more than twice the size of the development's first phase of industrial condos, which average about 1,700 square feet per unit.

The industrial units for the second phase will sell for $1.1 million to $2.1 million, Robe said. The office suites- open to lease- are priced at around $2.15 per square foot.

Once the final phase of industrial units is built next year, the development will include more than 200,000 square feet of total office and industrial space. It will feature two office buildings, 61 small industrial suites and two single-occupant industrial buildings.

Rod Gilbert, president of TOLD, said Germanybased electronics manufacturer ODU-USA and antenna maker Optim Microwave Inc. have each moved into the business park's 30,000-square-foot industrial building along Adolfo Road.

Gilbert said the sale closed with ODU in June, while Optim took ownership of their half of the building in September. Gilbert would not comment on terms of either deal.

The Flynn Road Business Park is one of four developments in Camarillo featuring office condos.

Other developments include the 21-unit Berkshire Corporate Center on Camarillo Ranch Road, the 41-unit Camarillo Corporate Plaza on Calle Tecate and the massive Opus West office complex on Mission Oaks Boulevard, which will include a two-story office building with space for lease and 13 one-story office condos.

In total, some 250,000 square feet of office space is either in construction or has recently come on line in Camarillo.

Although the office real estate market in the Conejo Valley remains white hot with nearly 1.2 million square feet of space in development, Camarillo's market has slowed.

Robe said the adage "location, location, location" becomes even more important for developers in a market when buyers have their choice of properties for office or industrial space.

He said the Flynn Road Business Park has some of the best exposure to the busy nearby intersection.

Gilbert said his company is "cautiously optimistic" about Camarillo's office real estate market. He said the local market will gain momentum as more businesses move out of the Conejo Valley because of skyrocketing property costs.

"As Conejo Valley becomes more and more expensive, it's a natural thing for people to come down that grade," Gilbert said.

According to company reports, the family owned TOLD Corp. has built nearly 5 million square feet of commercial and industrial property in Ventura County. It was founded by John B. Gilbert in 1959.