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Monday, Mar 18, 2024
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Plans for Business Park in Carlsbad Moving Forward

Planning to capitalize on North County’s growing residential population, San Diego-based rock quarry operator turned real estate developer H.G. Fenton Co. is moving forward with its Carlsbad Raceway Business Park.

The Carlsbad City Council unanimously approved the 147-acre project at Palomar Airport Road and Melrose Drive, which could have up to 1.5 million square feet of office and industrial space, last month.

“More than 5,150 residential units are approved or under construction in Carlsbad with another 1,500 already in the planning stages,” said Kevin Hill, the vice president of leasing for H.G. Fenton.

According to the developer, city officials had slated the former Carlsbad Raceway site for commercial development to meet the needs of the city’s growing population as well as increased North County traffic from people driving through Carlsbad to get to jobs in other San Diego County communities.

H.G. Fenton estimates that it will take a year to grade the property and build roads and other infrastructure. The developer will widen 1,600 feet of Palomar Airport Road. The business park will also accommodate the extension of Melrose Drive between Palomar Airport Road and the Vista city limits.

When H.G. Fenton bought the raceway property, Dennis Visser, Louay Alsadek and Mark Emerick of San Diego-based Grubb & Ellis/BRE Commercial represented the company as well as the seller’s asset manager, Dallas-based Hudson Advisors LLC.

Grubb & Ellis/BRE will also market the business park for H.G. Fenton. The developer plans to construct buildings for sale or lease and sell lots to companies looking to build their own facilities.

Hill said 72 acres will remain as open space and the office and industrial buildings will be low-rise structures.

The raceway property is H.G. Fenton’s second Carlsbad land purchase in 2004. The developer bought 54 acres west of El Camino Real between Faraday and College avenues this year. The site will be developed in partnership with Carlsbad-based Newport National Corp. with up to 400,000 square feet of office and research space.

H.G. Fenton owns 523,000 square feet of commercial buildings throughout Carlsbad and is expanding the Carlsbad Corporate Center by 110,000 square feet, targeting small startup businesses.

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$360 Per Square Foot: With the exception of coastal La Jolla property, perhaps, there is no place in the county with higher-priced land than in Downtown San Diego.

Tim Winslow and Josh Vasbinder of Grubb & Ellis/BRE Commercial are marketing a 20,000-square-foot Downtown site , one-third of a block , for $7.2 million.

Condominium developers, who are now producing thousands of new units each year, have bid land prices so high that they have reached well over $300 per square foot.

In fact, the asking price for the land marketed by Winslow and Vasbinder is $360 per square foot.

The property is on B Street between 11th and 12th avenues. It is currently occupied by a Burger King restaurant. According to a marketing flier, more than 2,100 housing units are planned within a two-block radius.

The site can accommodate up to 240,000 square feet of residential or commercial development. As part of the deal, the landowner wants the buyer to construct at least 10,000 square feet of retail space that the seller will buy back.

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Nearby In Bankers Hill: St. Paul Episcopal Homes Inc., a nonprofit organization serving senior citizens, paid $5.2 million for a 30,924-square-foot office building at 111 Elm St. in the Bankers Hill area of San Diego.

The 33-year-old building will be renovated as a Program of All-Inclusive Care for the Elderly facility.

Stephen Dok of San Diego-based GVA IPC Commercial Real Estate and Jon McColl of Alta Loma-based Trinity Capital Group represented the buyer. Robert Vallera of GVA IPC represented the seller, Hall Investment Co. Inc. of San Diego.

The PACE facility will have an adult day health center and serve as a home base for operations such as in-home care and referral services. It is near St. Paul’s Maple Street headquarters.

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Two For Two: John Hale, Jay Alexander, Brian Driscoll and Ryan Grove of Colliers International represented New York-based DRA Advisors in its $10 million purchase of the 60,600-square-foot West Bernardo Corporate Center.

The brokers also represented the seller, Pacifica Real Estate Group of Santa Barbara.

The office building on 4.2 acres at 15822 Bernardo Center Drive in Rancho Bernardo is 75 percent leased.

Alexander and Grove also represented both sides when Newport Beach-based Menlo Equities bought a 62,148-square-foot Carmel Mountain Ranch office building for $9.8 million from Judd King 2 of Solana Beach.

The property at 12230 World Trade Drive is 80 percent leased. The new owner plans to paint, renovate the lobby and common areas, and build a new entrance.

Alexander and Grove will continue to handle leasing for both buildings.

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San Diego Office: ERM, short for Environmental Resources Management, opened a San Diego office at 2251 San Diego Ave., Suite B-208. Its Western region is based in Walnut Creek.

Colin Young is the managing director of the San Diego office. Lori Cathcart has been hired as a program director.

ERM provides environmental, health and safety consulting services, including compliance, site investigation and remediation, risk management and industrial hygiene.

The company, which has 2,400 employees in more than 100 locations, now has six California offices. In July, Engineering News Record magazine named ERM the largest all-environmental consulting firm in the world.

Send residential and commercial real estate news to Mandy Jackson via e-mail at mjackson@sdbj.com or via fax at (858) 571-3628. Call her at (858) 277-6359, Ext. 3114.

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