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VALLEY AND VENTURA COUNTY BUSINESS | VENTURA COUNTY
REVIEW / LEO SMITH

Newbury Partners Buys Foreclosed Complex

May 06, 1997|LEO SMITH | TIMES STAFF WRITER

An industrial park on Old Conejo Road in Newbury Park had that certain something that caught the eye: The walls needed painting, the doors needed to be replaced and the landscaping needed work.

All of which made the property attractive to Newbury Partners, a group of investors with real estate holdings throughout the Conejo Valley. The partnership last week completed its purchase of the 37,552-square-foot, three-building site at 3475-3479 Old Conejo Road for $1.56 million.

The 2.8-acre, multitenant property was acquired from Great Western Bank, which had foreclosed on the property.

"We felt that there was a lot of upside potential with regard to the value, due to the fact that there was a lot of deferred maintenance on the complex," said Tony Principe, vice president of the Westlake office of Westcord Commercial Real Estate Services. Westcord is one of the purchasing partners and will manage the property.

"We felt that we could come in, renovate the complex, raise the rents and rent out the remainder," Principe said. "People who are operating businesses want to be in a facility that is well maintained, and when that's not the case then typically people are not going to pay top rent for it. Because of the deferred maintenance, the rents were commensurate."

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