Development - California

Sunbelt Enterprises currently has several projects in the pipeline in Southern California.

In Agoura Hills, plans are underway for three Class A Medical/Office Projects. Both projects are on Canwood Street near the Kanan Road off ramp with great visibility from and fronting the 101 Freeway. The architecture has a Mission style approach with residential overtones to lend charm. The medical/office community will find these buildings perfectly suited to their needs. These projects range in size from 56,000 square feet to 87,000 square feet and are scheduled for completion in the final quarter of 2008.

Oxnard will be seeing several new projects. Both a three story (approximately 66,000 square feet) and a two story (approximately 41,000 square feet) Class A Office Buildings are being planned for development at the intersection of Rice Road and Gonzales Road adjacent to the new Hilton Garden Inn. This site has easy access and visibility from the Rice Avenue/101 interchange. Parking is planned to accommodate medical use in the smaller building and other professional offices in the larger building. This is a beautiful site with mountain vistas and many new completed developments in the area. This project is anticipated to be complete by the fourth quarter of 2007. See leasing section for more information.

In addition, multi-tenant industrial buildings are being planned for future development. One site is located on Rice Road near the 101 freeway and PCH highways and the other is on the corner of Eastman Road at Rose Avenue in Oxnard.

The Rice Road development will offer units with both dock high loading doors and on-grade loading doors. Spaces will vary in size from about 2,000 square feet up to 80,000 square feet. Units as small as 2,000 square feet with on-grade loading doors will also be available. Many of the units facing Rice Road will have the capability of mezzanine offices, minimum 5,000 square foot sizes with a dock high door, and will give tenants wonderful visibility off the heavily traveled Rice Road. When this site is completely built out, there will be approximately 160,000 square feet of quality constructed industrial space in an attractive campus like environment.

The Eastman at Rose site will offer an approximately 33,275 square foot industrial building that can be leased as one building or divided into two or three units down to about 10,000 square feet. This building will offer dock high as well as on-grade loading doors for all units. The site has great visibility from both Rose Avenue and Fifth Street.