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7/12/17
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RAF Pacifica Group has broken ground on three ground-up creative industrial developments totaling $110 mil in North County San Diego. The developments encompass over half a million square feet of high-quality creative industrial space and will be delivered to the market in 2018.
“North County is booming and continuing its emergence as a hub of tremendous growth and innovation,” comments RAF Pacifica Founder and Principal Adam Robinson. “From tech startups to life sciences to manufacturing, North County’s diverse economy is attracting an influx of talent and investment capital to this region, especially along the I-78 corridor. We’re capitalizing on this momentum by developing state-of-the-art creative industrial buildings to support the growth of this dynamic business community.”
Fundamentals remain especially strong in North County. Employment continues to climb at a rate of 2.5%, driving demand for premium industrial space in this market, while demand for industrial space continues to outpace supply, resulting in historically low vacancy rates and upward pressure on lease rates, according to the latest figures from real estate services firm Colliers International. In fact, average rents are increasing at a faster rate in North County than in San Diego as a whole.
The three development projects that recently broke ground, some of which have been discussed previously on RENTV, include:
vec•tor - this 171.1k sf, two-story industrial/R&D facility will accommodate one to four industrial or research tenants. Estimated development costs total $29 mil. Located in the Carlsbad Oaks North corporate business park, vec•tor will feature 30’ clear height ceilings, grade-level and dock-high loading doors, and a glass-centric design to ensure natural lighting for users. Mike Erwin, Conor Boyle, and Tucker Hohenstein of Colliers International will handle leasing.
dis•trib•ute - comprised of two buildings totaling 277.4k sf in Carlsbad, dis•tri•bute will incorporate a mix of modern creative office and highly-functional industrial suites. Each suite will include dock-level and grade level doors with a clear height of 30’. dis•tri•bute will also provide an outdoor amenity space for tenants to gather and socialize, delivering the look and feel of a creative office campus. Estimated development costs for this project total $44 mil. Aric Starck and Dennis Visser of Cushman & Wakefield will handle leasing at the property.
pro•duc•tion - this 219.5k sf, four-building creative industrial campus will be RAF Pacifica Group’s first ground-up spec development in San Marcos. This sprawling campus will integrate tech buildouts, flexible office space, 28’ clear height ceilings, and overall high-end finishes. Mike Erwin, Conor Boyle, and Tucker Hohenstein of Colliers International, and Adam Molnar and Greg Lewis of CBRE will handle leasing at the property. Estimated development costs for this project total $37 mil.
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