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4/24/15
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Newport Beach-based McDonald Property Group has begun development on First Park @ Ocean Ranch, a 237.3k sf industrial park in Oceanside. The $27.5 mil development marks the first speculative industrial project in North San Diego County since 2008, and is scheduled for completion by the end of the year.
First Park @ Ocean Ranch will be comprised of three buildings suitable for distribution, warehousing or manufacturing users. The project is being developed by McDonald Property Group (MPG) and First Industrial Realty Trust, the owner of the project. First Industrial Realty Trust is a publically traded REIT and is a leading owner, operator and developer of industrial real estate with 66 msf of industrial properties under management nationwide.
The project is being developed on a 15.8-acre site in Ocean Ranch, located off the I-5 Fwy at Oceanside Blvd. Ocean Ranch is premier industrial location in North San Diego County and is home to Coca Cola, Genentech and the Titleist Golf Performance Institute, among others. Newly planned facilities for US Foods and FedEx are underway as well.
The project will consist of three light industrial buildings that measure 108.4k sf, 63.3k sf and 65,6k sf. Buildings will accommodate either single users or up to 12 tenants in varying sizes, with target tenant sizes in the 20k sf - to 40k sf range. Dennis Visser of DTZ is leasing the project.
First Park @ Ocean Ranch is the first development for Bruce McDonald as head of McDonald Property Group, a company he formed in 2014 following a distinguished development career in Southern California. McDonald previously co-founded Master Development Corporation and was U.S. managing director for DEXUS Property Group.
In addition to First Park @ Ocean Ranch, McDonald Property Group has two other significant projects underway. The company, in conjunction with its investor USAA Real Estate, is developing Crossroads Logistics Center in Beaumont, CA. This project includes 130 net acres of fully improved and entitled land that will support the development of 2.8 msf of distribution and ecommerce facilities. Crossroads Logistics Center will be one of the largest Inland Empire industrial developments over the next few years, with an estimated completion cost of $150 mil.
McDonald Property Group was also selected in January to advise on and represent the disposition of a sizable land portfolio in the Inland Empire that was gifted by the estate of John Boruchin to the Jewish National Fund (JNF) of New York City. Boruchin, a Jewish immigrant and Holocaust survivor who settled in Fontana in the 1950s, was instrumental in the development of several thousand acres of land in the region.
The properties consist of 25 land assets totaling more than 300 acres and valued at approximate $100mil, and are located throughout various cities in the Inland Empire. It has been reported that the Boruchin gift is the single largest donation to the Jewish National Fund.
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