The first parcel of land at the Bressi Ranch Corporate Center, a 132-acre, mixed-use business park project in Carlsbad, has been sold.
The buyer was Bressi Spectrum, LLC, an affiliate of San Diego-based Kelly Capital Group, in conjunction with St. Croix Capital Corp. The amount was left undisclosed by the seller, Irvine-based Sares-Regis Group. One published report put the price at $8 million.
Bressi Ranch Corporate Center, a master-planned development, represents one of the last large contiguous parcels of developable land in San Diego County. It will accommodate up to 2.1 million square feet of development and is expected to house about 4,000 employees when it’s finished.
The campus style, mixed-use business park was purchased last year by Sares-Regis for the development of office, research-and-development and “flex” office space, as well as light industrial buildings.
The parcel sale, announced Monday, involved 9.74 acres near Palomar Airport Road and Melrose Drive.
Kelly Capital Group plans to develop 15 small for-sale office buildings on the property, ranging in size from 5,700 square feet up to 15,000 square feet. The company plans to complete the project during the third quarter of 2006.
Kelly Capital Group is also in escrow to purchase an additional 14 acres to develop 11 research-and-development/industrial buildings for sale totaling approximately 186,000 square feet.
Lannie Allee is the CB Richard Ellis broker who is marketing the Bressi Ranch Corporate Center for Sares-Regis. Allee represented both the buyer and the seller in the transaction.
“This is a large parcel,” he said, “but we have parcels available ranging from 1.5 acres to 40 acres and there other developers either in escrow or in negotiations to purchase anywhere from 14.5 to 20-plus acres.”
Allee added “We hope to get companies from San Diego and Orange County to take space here.”