COMMERCE OFFICE PARK TO EXPAND DEVELOPERS BULLISH IN FACE OF OVERSEAS RELOCATION TALK.Byline: Eugene Tong tong 1 tr.v. tonged, tong·ing, tongs To seize, hold, or manipulate with tongs. [Back-formation from tongs. Staff Writer VALENCIA - Developers have started a third phase of the Valencia Commerce Center - 19 industrial buildings south of Hasley Canyon Road that will add more than 44,000 square feet of office space to the area. The Gateway Pointe pointe n. In ballet, dancing that is performed on the tips of the toes. [From French pointe (des pieds), point (of the feet), tiptoe; see point.] complex along Industry Drive began construction in December, said Craig Peters, executive vice president at 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. , the broker representing Valencia Gateway properties, which includes the commerce center and Valencia Industrial Center. The first 10 buildings of the project are slated for completion mid-2006, while the other nine buildings are scheduled to be completed in July 2007. They are developed by PacTen Partners, the company behind the Valencia Corporate Pointe and Commerce Pointe projects in the commerce center. Offices in the unit are being offered at roughly $150 to $160 per square foot, Peters said. The brokerage is negotiating with several prospective buyers seeking space for assembling, corporate offices and distribution. Though there is continued talk of local companies relocating overseas to reduce labor and operation costs, Peters believes the 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, Valley's industrial real estate remains resilient See resiliency. . Demand is strong, with vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates holding steady at about 5 percent, he said. ``You're always going to hear that, especially when the real estate market is doing real well,'' Peters said. ``But when companies are going overseas, most of them are keeping offices and some warehousing here locally. ... We're getting more new companies than there are leaving.'' The Valencia Gateway - part of The Newhall Land and Farming Company's community master plan - currently contains 17.1 million square feet of commercial and industrial space. Prospective build-out is at 21 million square feet - much of it now focused around the Commerce Center west of Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. 5 and north of state Route 126. Depending on market conditions and other variables, there is enough supply for the next decade, Peters said. ``Right now, we absorb about 1 million to 2 million square foot a year,'' he said. ``If there is another 8 to 9 million square feet that we will get from building, that's a six to seven year supply or so.'' Eugene Tong, (661) 257-5253 eugene.tong(at)dailynews.com |
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