111,000-SF Project On Tap For Ocean Ranch Corporate Centre

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OCEANSIDE, CA-Ocean Ranch Corporate Centre, a 400-acre master-planned business park, has attained a major milestone by attracting K&G Banderas to the site. The Laguna Beach-based developer has acquired 12.26 acres at the park for $9.1 million and has plans for a 111,000-sf mixed-use project on the land. The project is estimated at $40 million and includes hotel, retail and office elements.”Bringing in a developer like K&G is a huge step forward in the perception of Oceanside as a corporate center,” says Dougall Agan, principal of Foothill Ranch-based Stirling Enterprises, master developer of the business park. Agan tells Globest.com that “in its past, Oceanside has had biz parks, that were more industrial-oriented. But it’s exciting now to see the balance of the user commitment to be hotel, office and retail.” He believes as a result of this commitment from K&G, the park will “attract more corporate users and development in the business park.”As part of the deal, K&G’s land will be subdivided into six separate parcels of mixed-use space. One future tenant has already been identified. Marriott Hotel has agreed to take hospitality space on site, with a Residence Inn on tap. Agan says tenants for the other subdivided space are in various stages of negotiation and should be announced over the next three to four months.In K&G’s deal, David Onosko and Ron King of Coldwell Banker Commercial North County Properties in Carlsbad represented Stirling Enterprises. Lin Stinson of Stinson Property Group in Foothill Ranch represented K&G Banderas. Development on the project will begin this summer and is anticipated to be completed the second quarter of 2007. Onosko and King of Coldwell Banker are handling leasing for the project.Agan says the relationship with K&G and the business park could extend beyond this initial project, as the two sides are exploring the idea of joint venturing on an additional three acres.The business park is one of San Diego County’s biggest projects under development with an estimated 4.5 million sf at build-out, valued at roughly $2 billion. Tenants already at the park include Biogen Idec, Ashworth, OneSource and Coca-Cola.