Omni West Group Partners with Sunbelt to Acquire Five Acres in Inland Empire for Medical and Office Condominium Project

Omni West Group Inc., a real estate development and property management firm based in Irvine, Calif., has teamed with Sunbelt Properties Management LLC to acquire five acres in Lake Elsinore, Calif. The companies plan to develop 66,000 square feet of medical and professional office condominiums and offer them for sale and/or lease.

LAKE ELSINORE, Calif. (PRWEB) November 2, 2006 -– Omni West Group Inc., a real estate development and property management firm based in Irvine, Calif., has teamed with Sunbelt Properties Management LLC to acquire five acres in Lake Elsinore, Calif. The companies plan to develop 66,000 square feet of medical and professional office condominiums and offer them for sale and/or lease.

Located near Railroad Canyon Boulevard and Canyon Estates Drive in the newly developed master-planned community of Canyon Estates, the project – called The Plaza at Lakeview – is adjacent to the I-15 Freeway. It will feature two buildings, each with two floors and spanning approximately 33,000 square feet.

One building will be tailored especially for medical users, including general practitioners, dentists, ophthalmologists, orthopedics, pediatricians, physical therapists and others. The second building is intended for regular office users such as law firms, financial institutions and other professional organizations.

"The Plaza at Lakeview will provide an essential medical and office plaza for the Lake Elsinore community, where office and medical space are in very short supply," said Andy Pham, president and managing member of Sunbelt. "Currently, there is less than 50,000 square feet of medical and office space available in Lake Elsinore, prompting demand for this type of project. In addition to healthcare providers, many law firms, accountants, banks and financial services firms are seeing the huge potential in tapping into the growing and affluent Lake Elsinore market, and will need the space these buildings will supply."

According to Kip Dubbs, president of Omni West Group, the medical office portion of the project is needed to serve the medical needs of the area's growing population.

"More and more lower-risk procedures are performed outside of hospital settings, reflecting the growing trend of outpatient procedures," said Dubbs. "This is prompting an even greater need for projects like The Plaza at Lakeview that can house state-of-the-art medical facilities."

Dubbs also pointed out that the shortage of medical office space is not only indicative of the shortage throughout the Inland Empire, but also throughout the nation. As a result, analysts forecast that more than $6 billion in new medical offices will be built over the next five years to meet demand.

To serve this growing niche market, Omni West Group is developing several other medical office condominium projects, including the Inland Empire's Paseo del Sol Medical Center in Chino and Moreno Valley Medical Center.

Construction of The Plaza at Lakeview is expected to commence in the second quarter of 2007 with completion anticipated in the fourth quarter of 2007.

Omni West Group and Sunbelt purchased the parcel from Lake Elsinore-based Abbacy Holdings. Rancon Real Estate in Murrieta, Calif., represented all parties in the transaction.

Sunbelt and its various entities are currently developing approximately $253 million in residential and commercial real estate properties. In addition to The Plaza at Lakeview, the company's ongoing commercial developments include shopping centers in Pembroke Pines, Fla., and Mesa, Ariz., an office/shopping center mixed-use development in Temecula, Calif., and an industrial/office/storage facility in Taft, Calif. The residential communities are located in the cities or El Monte, Pasadena, San Marino/San Gabriel, Bloomington, Rialto and Fontana in Southern California as well as in Las Vegas. For more information, call (818) 961-0500.

About the Omni West Group

Omni West Group is a privately held commercial real estate firm specializing in retail, office and industrial business parks in Southern California. The company partners with city planners and other government officials to enhance the quality of life in local communities. Omni West Group's real estate expertise includes land acquisitions, development, asset and investment management, entitlement, property management and construction management. For more information, visit http://www.omniwestgroup.com or call (949) 215-9790.

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