GlobeSt.com UPDATE: Kelly Capital Grabs 11 Acres for Development

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CARLSBAD, CA-Adding to its portfolio at Bressi Ranch Corporate Center, local developer Kelly Capital Group has acquired another 11 acres from Irvine-based Sares-Regis Group for an undisclosed sum. The group now has a total of 62 acres at Bressi Ranch, a 132-acre master plan project.”The demand for new office and flex product at Bressi Ranch continues to grow,” says developer Ken Satterlee of Kelly Capital Group. “We have not even begun construction and we have already sold 14 of the 15 buildings planned at Spectrum at Bressi Ranch Corporate Center and six of the nine buildings planned at SpectrumFlex.”Construction will begin in January 2006 for Spectrum at Bressi Ranch Corporate Center and April 2006 for SpectrumFlex. So far, Sares-Regis Group has sold 129 of its 132 acres at Bressi Ranch Corporate Center.Lannie Allee, Rick Sparks, Roger Carlson, Matt Strockis and Bill Driscoll of CB Richard Ellis represented both parties. In an earlier interview, Allee, senior vice president for CB Richard Ellis, told Globest.com that Kelly Capital plans to develop two 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 said. “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.