RSS Feed
|
|||||
|
Undeveloped property may sell for an all-time high The price of undeveloped industrial property in Camarillo may reach an all-time high if an 8.6-acre lot in the city's business district is sold for its $14.7million asking price. Owned by Oxnard-based real estate investment firm PEGH Investments LLC, the empty lot in the 5000 block of Verdugo Way borders the north side of the 101 Freeway and sits between the Courtyard by Marriott hotel and the Wellpoint business park. Listing agent Grant Harris, a senior vice president with Oxnardbased Lee & Associates, said the lot, selling for $39 per square foot, would test "new market heights" for industrial property in the city. Comparable undeveloped properties throughout Camarillo sell for about $25 per square foot. The Airport Business Center, a 15acre property near the Camarillo Airport, lists an acre of land for about $1.1 million- an average of $25.60 per square foot. In addition to its size, Harris said PEGH's owner, Gene Haas, believes the property's freeway exposure makes it valuable. "As far as industrial property, it is probably one of the largest industrial properties available in Camarillo," said Harris of the property that has attracted "several" offers since it went on the market in July. Bill Robe, vice president of Camarillobased real estate investor TOLD Corp., said because of the property's steep price it's unlikely it would be developed for industrial use. "It will be developed as either retail or office," Robe said. "At that price it wouldn't make sense to use it as industrial property." Similar to other cities throughout Ventura County, undeveloped land in Camarillo continues to become scarce as new construction moves forward, while the Save Open Space and Agricultural Resources land use initiative limits urban growth outside cities across the county. Harris said although the property is zoned as light manufacturing, Camarillo city officials indicated the City Council would consider rezoning the lot for retail or office space. He said there is a deed restriction on the property for hotel development until November 2009. "That's really not much of a restriction," Harris said, noting the time it takes for the city to review and approve building plans. He said a hotel has considered buying the property. According to city records, PEGH Investments owns $55 million in property throughout Camarillo. In May, PEGH sold a 94,000square-foot building located at 5187 Camino Ruiz, a few blocks east of its vacant property, to Golden State Medical Supplies, a prescription drug wholesale distributor owned by Jim and Wanda Stroud. Harris said PEGH is in escrow to sell another 110,000 square-foot building on Balboa Circle. He would not say who bought the building. Earlier this month, Haas, owner of Oxnard-based Haas Automation, was sentenced to two years in prison for his involvement in a scheme to defraud the IRS. The 54year-old Camarillo resident was ordered to pay more than $75 million in fines to cover back taxes. Valerie Draeger, head of Thousand Oaks-based Triliad Development- the company that manages PEGH Investments- said the recent sales of the three properties were not related to the court-ordered fine. She said the sales were made because buyers have paid the real estate firm's asking price. |
for larger version       |
||||
