|
|
9/26/14
|
Newport Beach-based McDonald Property Group has entered into a development agreement with an entity owned by First Industrial Realty Trust to develop La Pacifica II, a three-building, 237.3k sf industrial park in Oceanside.
The $26 mil project is located in the master-planned Ocean Ranch business park on a 15.8-acre site that represents the last industrial parcel larger than 10 acres in North San Diego County. Ocean Ranch is a premier industrial location in North San Diego County and is home to Coca Cola, Taylor Made and Genentech, among others. Newly planned facilities for US Foods and FedEx are located nearby. The project is located off the I-5 freeway at Oceanside Blvd.
The project will consist of three light warehouse manufacturing buildings that measure 108.4k sf, 63.3k sf and 65.6k sf. The buildings can accommodate single users or up to 12 tenants in varying sizes with target tenant sizes in the 20k sf to 40k sf range.
First Industrial Financing Partnership LP acquired the fully-improved and entitled site in September 2014 for $9.64 mil from La Pacifica 2-Ocean Ranch LLC, an entity owned by Cruzan Monroe Investments in Del Mar. The seller was represented by Aric Stark and Dennis Visser of Cassidy Turley, while SR Commercial sourced the land for McDonald Property Group. Also, Rick Putnam of Colliers International arranged transaction capital for McDonald Property Group.
First Industrial Realty Trust is a publically traded REIT and has 66 msf of industrial properties under management nationwide. Ryan McClean, West Coast market leader, Larry Cochrun, director of development, and Jerry Devon, market leasing director, will lead the First Industrial Los Angeles team on this project, along with McDonald Property Group.
The project represents the inaugural development for McDonald Property Group, a company formed by Bruce McDonald in 2013. McDonald was previously co-founder of Master Development Corporation and U.S. managing director for DEXUS Property Group. Bruce McDonald’s previous industrial developments in San Diego County include North County Corporate Center in Vista, a 493k sf industrial complex that recently sold for $57 mil.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
