Kelly Capital Acquires 20-Acre Parcel

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CARLSBAD, CA-Adding to its portfolio of 20 acres at Bressi Ranch Corporate Center, developer Kelly Capital Group has acquired another 20 acre parcel from Sares-Regis Group for an undisclosed sum. The group has an additional 20 acres in escrow at the Bressi Ranch Corporate Center, a 132-acre master plan project.Sares-Regis Group has sold approximately 80 of its 132 acres at Bressi Ranch Corporate Center, which will incorporate office and industrial components. Lannie Allee, Roger Carlson, Matt Strockis and Lars Eisenhauer of CB Richard Ellis represented the seller, Sares-Regis, while Rick Sparks, Nick Psyllos, Rob Merkin and Doug Lozier of CB Richard Ellis represented the buyer.Allee, senior vice president for CB Richard Ellis, tells Globest.com that Kelly Capital plans to develop 2 million sf of space in the corporate center. Once completed, the portfolio will consist of small office buildings and flex buildings for sale and lease. Industrial condominiums will also be available for sale. Slough Estates, one of the other major land buyers at the site, plans to develop two to three speculative office buildings, ranging in size from 40,000 sf to 60,000 sf each.”Carlsbad has seen a lot of expansion in the office market,” Allee says. “We are seeing the construction of corporate headquarters and expansion of existing buildings in the marketplace.”The residential portion consists of 450 homes built by construction company Lennar Homes. The homes have been completed and sold. Sares-Regis Group closed its first land sale in April of this year where Bressi Spectrum LLC, an affiliate of Kelly Capital, bought nine acres of land for an undisclosed amount. Kelly Capital, in conjunction with St. Croix Capital Corp., has plans to develop 15 small, for-sale office buildings on the parcel. The buildings will range from 5,700 sf to 15,000 sf. At build-out, the project will count “about 100,000 sf,” Allee says.