COMPLEX SET TO ROLL IN T.O.; INDUSTRIAL PROJECT IS BIGGEST IN DECADE.

Byline: Michael Coit Daily News Staff Writer

An Orange County developer plans to start construction Monday on a 145,000-square-foot industrial complex that is the Conejo Valley's first large-scale speculative project in a decade.

Analysts said development of the Grande Vista Business Park by the Burke Real Estate Group of Santa Ana comes as industrial vacancy rates are at a historic low of less than 9 percent. Even during the 1980s boom, analysts said the region's rate hovered at 10 percent.

``Quite frankly, developers see opportunity to where they can develop a project and it makes economic sense,'' said Jerry Pelton, managing officer for the CB Commercial office in Ventura County.

The $13 million project calls for a total of 22 buildings ranging in size from 5,600 square feet to 8,000 square feet. Located on 11 acres at 3225 Grande Vista Drive on the west end of Thousand Oaks, the complex should be completed by June, officials said.

Six of the buildings already have been sold, and Burke Real Estate Group's commercial subsidiary aims to sell the entire complex before construction is completed, said Jason Harris, the construction and marketing manager.

``There has been a high demand,'' he said. ``A lot of (buyers) are coming from the immediate area or Los Angeles County. Most of them are expanding their business, and it makes sense to own their own building.''

There is demand for smaller industrial facilities. The region's industrial vacancy rate drops to near 5 percent when larger vacant spaces of 500,000 square feet or more are removed, analysts said.

The project is aimed at high-tech, small manufacturing, warehouse and distribution uses.

Dominion/UPC is the general contractor, and California State Bank provided the construction loan, Harris said.

``The other good sign is the banks are willing to lend on speculative projects,'' Pelton said.

The commercial real estate barometer showed signs of warming at the beginning of this year. Vacancy rates for retail, commercial and industrial space fell in 1996, and the trend has continued as inventory is leased or sold.

The project is Burke Real Estate Group's first in the region. The company's 1997 development projects total 50 buildings across Southern California, Harris said.