Search
 

Globest UPDATE: Medical Device Manufacturer Signs Lease

VISTA, CA-dj Orthopedics agrees to a 15-year build-to-suit lease with The PRES Companies. The company will take 110,000 sf in a new corporate headquarters.

By Daniel D. Williams | Updated on February 28, 2005

VISTA, CA-Last month a joint venture between El Segundo-based Pacific Coast Capital Partners and Newport Beach-based the PRES Cos., paid $29.3 million for Oak Ridge Corporate Center, a 266,150-sf corporate campus 100% occupied by dj Orthopedics. Now, dj Orthopedics has signed a 15-year, build-to-suit lease on a 110,000-sf corporate headquarters to be built by PRES at the intersection of Business Park Dr. and Scott St. in Vista.The principles have agreed to a triple net lease for roughly $30.5 million that includes two five-year options to extend. Rob Gunness and Bill Bacon of CB Richard Ellis represented dj Orthopedics in this the deal. The new headquarters will be built on 6.6 acres of land by PRES Cos. The project will consist of a two-story office building, housing both corporate and administrative space for the medical device manufacturer. The project is set for completion the second quarter of 2006. Ware Malcomb Architects is designing the project with Swinerton Builders handling the construction side.The existing space will be available for lease upon completion of the new facility. “We will benefit from dj Orthopedics’ strong tenancy during a 15-month marketing period for future tenants, before dj Orthopedics relocates,” says Greg Galusha, managing director, Pacific Coast Capital Partners LLC. CB Richard Ellis will manage the leasing for the existing buildings at the Vista industrial complex. During the interim, dj Orthopedics is relocating its manufacturing operations to a new facility in Mexico. The company will consolidate its domestic operations into the new space once it’s complete. Stephen R. Lloyd, PRES’ senior vice president, San Diego, says, “The dj Orthopedics build-to-suit acquisition and development represents PRES’ strong continuing commitment to the San Diego market and will significantly add to our growing San Diego County real estate portfolio.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.