San Diego-based developer RAF Pacifica Group has acquired 18.4 acres of industrial land in the Carlsbad Raceway Business Park for approximately $15 million, with plans to build two new distribution buildings totaling 272,430 square feet.
A statement from the privately held company said the project, to be called “dis•trib•ute,” is scheduled to break ground in the first quarter of 2017, with completion expected in the fourth quarter of 2017.
RAF Pacifica Group Principal Adam Robinson said the company is aiming to address a relative lack of supply of appropriate industrial space in the local market, increasingly in demand among sectors including technology, manufacturing and distribution.
The new buildings will be divisible down to 10,000 square feet to accommodate an array of businesses, with a mix of creative office and cutting-edge industrial components, along with outdoor gathering spaces. Elements will include glass exteriors, updated sprinkler systems, high-dock loading doors, and ceilings with 30-foot height clearances.
The seller of the Carlsbad land was San Diego-based HG Fenton Co. The buyer and seller were represented by Dennis Visser and Aric Starck of brokerage firm Cushman & Wakefield.
Carlsbad Raceway Business Park, located off Lionshead Avenue near Palomar Airport Road, spans about 100 acres of a site that once housed an auto racetrack.
Robinson, previously a principal of Solana Beach-based SR Commercial, recently joined with investors Steve Leonard and Matt Burton to form RAF Pacifica Group. The company oversees a portfolio of 2.65 million square feet, primarily focused on office and industrial properties, with an additional 1 million square feet of speculative development in the pipeline over the next 24 months.