$15 MILLION BUILDING SET FOR BUSINESS PARK.Byline: Jason Takenouchi Staff Writer SANTA CLARITA Santa Clarita, city (1990 pop. 110,642), Los Angeles co., S Calif., suburb 30 mi (48 km) NW of downtown Los Angeles, on the Santa Clara River; inc. 1987. Situated in the Santa Clara valley and nearby canyons, Santa Clarita includes the former towns of Canyon Country, - In the latest indication of strong demand for industrial facilities, a developer said Tuesday that it will spend $15 million building a 206,000-square-foot structure in the Valencia Commerce Center. The proposed 10-acre development by Investment Development Services Inc. and Kennedy Associates Real Estate Counsel Inc. is being built on a speculative basis. It's the third phase of the partnership's Vista Business Park at the commerce center. The new structure will complement a four-building, 740,000-square-foot complex that Pharmavite Corp. leased before it was completed. It was this kind of response that prompted the partnership to undertake the expansion without having a tenant lined up. The new facility should be completed by year's end, according to David Mgrublian, managing director of Los Angeles-based IDS. He hopes it's as successful as the first project. ``I don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. if lightning strikes twice,'' Mgrublian said. ``We're not planning on it.'' The partnership purchased the new parcel from The Newhall Land and Farming Company The Newhall Land and Farming Company is a land management company based in Valencia, California, United States. The company is responsible for the master community planning of Valencia, as well as the management of farm land elsewhere in the state. last year for an undisclosed sum. CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. represented Newhall Land; Grubb & Ellis represented IDS and Kennedy Associates, a Seattle-based firm. IDS is not the only developer betting on continued strong industrial demand in the Santa Clarita Valley The Santa Clarita Valley is the valley of the Santa Clara River in Southern California. It stretches through Los Angeles County and Ventura County. Its main population center is the city of Santa Clarita. The valley was part of the 48,612-acre (19,672. , which is coming off a record year. Roughly 65 percent to 70 percent of the area's new industrial space is being built on a speculative basis, said Craig Peters, a senior vice president with CB Richard Ellis. ``The market's still in great shape,'' Peters said. ``Developers like IDS are taking advantage of the supply-demand imbalance in the market right now.'' Jim Linn linn n. Scots 1. A waterfall. 2. A steep ravine. [Scottish Gaelic linne, pool, waterfall.] , a senior vice president with Grubb & Ellis, said companies are drawn to the Santa Clarita Valley by its safe environment and strong work force. The lack of new, high-end industrial space in the central San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. markets is also playing a role in the high demand in Valencia, he said. ``There hasn't been a lot of new construction in those markets,'' he said. ``There are a lot of people there who are in buildings that are functionally obsolete.'' CAPTION(S): map Map: Vista Business Park |
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