Canyon Ridge Business Park LLC, with Kentoo LLC as managing partner, acquired the property from Kaiser Electro-Optics, which had owned the property since the early 90's. The buyer is processing plans for a 51,500-sf development called Canyon Ridge Business Park and. It will consist of four small industrial/R&D buildings for sale or lease.
The buyer's financing was provided by California Bank and Trust. Mark Emerick and Dennis Visser of BRE Commercial/NAI's Carlsbad office represented the buyer and seller in the land transaction.
The parcel is one of few finished industrial pads available in Carlsbad. One of the proposed buildings is in escrow, with negotiations in progress for the remaining buildings. Marketing of the buildings is being handled by Mark Emerick, Dennis Visser and Aric Starck of BRE Commercial/NAI's Carlsbad office. Completion of the buildings is slated for the 4th Quarter 2003.
Mark Emerick of BRE Commercial/NAI says the development is design to cater to small companies who want to own their own buildings. "Today's low interest rates combined with the financial products offered by the government SBA allow small companies to own and build equity in real estate with only 10% down, and with monthly occupancy costs often below what they would pay in rent," says Emerick.
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