Developer McDonald Property Group recently broke ground on a two-phase industrial complex within Pacific Coast Business Park in Oceanside. Company President Bruce McDonald said the estimated cost of the four-building project at full build-out is $52 million.
In an email, McDonald said the Laguna Beach-based company has begun construction on Phase 1, a 125,000-square-foot building at 1319 Rocky Point Drive. Phase 2 will include another three buildings, on which construction will begin in six months.
Tenants have not been announced for the speculative project, known as Pacific Coast Collection, which is being built across from the FedEx distribution facility that opened last year at the business park. The project at full build-out is expected to total 396,220 square feet on approximately 25 acres.
In late 2016, McDonald Property Group entered into a development agreement with an affiliate of Denver-based Industrial Property Trust Inc. (IPT) to develop the project. IPT, which owns and operates distribution warehouses throughout the United States, earlier acquired the land and three existing buildings on the Oceanside property from an affiliate of New York-based Blackstone Group, for $25.7 million.
McDonald’s previous industrial developments in San Diego County include First Park at Ocean Ranch in Oceanside, and North County Corporate Center in Vista.