GTE California, Amgen Pursue Real Estate Swap

GTE California and Amgen Corp., both based in Thousand Oaks, are involved in a complicated real estate deal that will give Amgen GTE’s maintenance and service center in Newbury Park.

In return, Amgen is acquiring and refurbishing a 112,000-square-foot industrial building in Camarillo, which will be turned over to GTE, according to GTE spokesman Larry Cox.

GTE, which is in the midst of a cost-cutting program, will close its Newbury Park center and another in Oxnard, consolidating both operations into the Camarillo location on Flynn Road.

“It’s a multimillion-dollar transaction that involves a third party, a developer,” Cox said. “Actually, it’s a trade. I don’t expect any money to change hands.”

Daum Commercial Real Estate Services’ Camarillo office, which is handling the transaction for Len Wallace, the seller of the Camarillo property, said the price for that building, including seven acres, is $3.9 million.

Cox said he does not expect any layoffs as a result of the GTE consolidation, which should be complete by the end of the year. He said the new maintenance center will be used to store cable and other material and for vehicle repairs.