The 78,000 sf industrial project formerly known as the Oak Ridge Business Center is owned by a San Diego based partnership including and managed by Foster Investment Corp. Foster originally acquired the investment as a single net asset.
Two recent leases brought Poinsettia Park to full occupancy. BackYard Boards, which makes custom skateboards, signed a five-year lease for15,000 sf, and Amerilum, a light fixture manufacturer, also signed afive-year lease for 18,000 sf.
Local market conditions made it impossible for the seller to continue leasing the property to a single tenant. BRE was awarded the assignment to reposition the property as a multi-tenant facility.
"The complexities for reposition were quite significant," says Andy Melzerof BRE Commercial/NAI. Melzer along with Mark Emerick, also of BRE, analyzed local market conditions and trends.
Once the market understood the repositioning goal, leasing happened at a rapid pace.
"Despite a slowing market, we were able to lease the project to the 100% level within only eight months," adds Emerick.
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