TOLD Center Reports Vacancies Are Down
Things are looking up at TOLD Center, a part of Oxnard’s Channel Islands Business Center that was taken over by the developer’s lender, Wells Fargo Bank. Wells Fargo had taken possession of 25 of Channel Islands’ 56 buildings when the development ran into financial problems.
TOLD Center, consisting of 12 multi-tenant industrial buildings, was in turn purchased from a Wells Fargo subsidiary in May, 1993, by R & E Pacific Development, a family-owned partnership.
At that time, 47 of TOLD Center’s 102 units were vacant, reports Liz Ricci, R & E’s managing partner. Today, vacancies in the center on Pacific Avenue are down to 23. New tenants include machine shops, woodworking shops and Scully Enterprises Inc., a sportswear concern, which has expanded beyond twin office buildings that it purchased elsewhere in the Channel Islands project.
“We’ve been helped by the improving economy,” Ricci said, “but I think we’ve made progress mostly because we go out of our way to ‘stroke’ our tenants. If something needs to be fixed or cleaned, we get it done immediately.”
And, the economic recovery notwithstanding, R & E still offers new tenants free rent for the sixth and 12th months.