(To read more on the industrial market, click here.)
SAN DIEGO- Cruzan | Monroe, who purchased Lots 10 and ll of Oceanside's Ocean Ran Corporate Center in 2004, has sold Lot 10, now referred to as La Pacifica 1, to Rreef for nearly $22 million.
The three buildings, which total 226,220 sf, will be leased to multi-tenant or full-building distribution and manufacturing tenants. The buildings' sale was negotiated prior to construction, something that is becoming more popular in the San Diego region.
"Pre-sales are a new trend in San Diego," says Louay Alsadek, now of CBRE, who facilitated the deal last year with Dennis Visser and Mark Emerick of Grubb and Ellis | BRE's San Diego office. Alsadek tells GlobeSt.com that "[pre-sales are] not as active as in other parts of Southern California, but we'll see more of it here."
Rreef plans to lease La Pacifica 1, which is composed of 3801, 3809 and 3817 Ocean Ranch Blvd., to tenants seeking 11,000 to 100,000 sf.
Construction on the second phase of La Pacifica, or Lot 11 of the Ocean Ran Corporate Center, is being planned. It will offer up to 300,000 sf of built-to-suit and spec space that many anticipate will be well received by companies hungry for industrial space in San Diego.
"The fact that this project is a large distribution center made it extremely desirable for Rreef and others who wanted to buy from Monroe," Alsadek says. "You find a lot of small spaces but not large facilities like this on the market [in San Diego]."
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