(To read more on the industrial market, click here.)
CARLSBAD, CA-Opus West recently purchased another 20 acres at Carlsbad Raceway Business Park. The firm paid $13 million for the site.
"Carlsbad is the R&D hub of north San Diego County, it's where 80% of the county's inventory is located," says Dennis Visser, SIOR, of Grubb & Ellis|BRE, who, along with Mark Emerick, Rick Reeder and Aric Starck, will make up Opus' marketing team. "Carlsbad is home to a lot of corporate headquarters. There's a synergy there that attracts," Visser tells GlobeSt.com.
Phase II will encompass two corporate headquarter/R&D buildings ranging from 45,500 sf to 62,000 sf and two industrial buildings of 22,700 sf to 26,000 sf. A two-story, multi-building office development that is built-to-suit and totals 130,000 sf spread out over 8.6 acres is also in development.
"This [office development] will be ideal for any company looking for a corporate headquarters, specifically technological and professional firms," Mike Dorris, real estate manager for Opus West, tells GlobeSt.com.
Increasing net absorption in northern San Diego County has significantly improved Carlsbad's office and industrial vacancy rates, now 8% and 5.6%, respectively, according to a recent report by San Diego-based Burnham Real Estate.
At these vacancy rates, Visser anticipates that Opus' 43-acre purchase will account for a significant proportion of the region's new inventory.
The total project costs of the business park will exceed $105 million. Upon completion in early 2008, the park will include about 615,000-sf of office, R&D and industrial buildings; 287,000 of which will be developed during Phase II.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
