Developer McDonald Property Group of Newport Beach has joined in a partnership to develop a 15.8-acre, $26 million industrial project in Oceanside.

McDonald officials said the company formed a development agreement with an entity owned by Chicago-based First Industrial Realty Trust, which acquired the land for approximately $9.6 million from Cruzan Monroe Investments of Del Mar.

McDonald will develop a three-building, 237,275-square foot industrial park, known as La Pacifica II off Oceanside Boulevard near Interstate 5. The developer said the project will be the first speculative industrial development in Oceanside since 2008.

First Industrial Realty will take ownership of the project at completion. The project is in the master-planned Ocean Ranch business park.

The seller in the land deal was represented by Aric Starck and Dennis Visser of brokerage company Cassidy Turley. SR Commercial sourced the land for McDonald Property Group, with Rick Putnam of Colliers International arranging transaction capital.

McDonald Property Group was formed in 2013 by industrial developer Bruce McDonald, whose past development projects include North County Corporate Center in Vista.