Pennsylvania-based Exeter Property Group has acquired two Escondido industrial land parcels totaling 10.9 acres for $11.5 million, with plans to build a distribution center project, according to CoStar Group and public data.
The seller of the properties, at 1925 and 2005 Harmony Grove Road, was Badiee Development Inc. of La Jolla. The buyer was represented by Chris Holder and Mark Lewkowitz of brokerage firm Colliers International Group Inc., and the seller was represented by Colliers’ Tucker Hohenstein and Mike Erwin.
According to CoStar Group and brokers, the properties were previously being targeted by the seller for an assortment of industrial structures, but will now house one 200,000-square-foot, single-tenant structure, with the buyer expected to start construction in January 2018 and complete the project a year later.
Exeter will be following through on gaining new entitlements for the project. No tenant has been announced.
Badiee Development, led by founder and CEO Ben Badiee, has several North County industrial projects underway or in the works, valued at a total of about $100 million.
The company in August 2016 announced that it had purchased the land at 2005 Harmony Grove Road for $1.3 million, with plans to build a two-building, 91,000-square-foot project called Escondido Victory Industrial Park.
According to its website, Exeter Property Group is based in Conshohocken, Pa., with several regional offices nationwide. The company was founded in 2006 and is focused on industrial property investment and development, with more than 140 million square feet of properties under management in the U.S. and Europe.