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CARLSBAD, CA-Over the next six years, developers plan to add two million sf of new office, R&D and industrial development to Carlsbad Oaks North Business Park. The site is a multi-phase project, with San Diego-based Techbilt Cos. serving as the master developer.
The property, which is located on Faraday Avenue, between El Camino Real and Melrose Drive, is a 400-acre master-planned site. At build-out, the development will also include 220 acres of natural open space.
The first piece of the project began to take shape recently, when Los Angeles-based REIT Kilroy Realty Corp. acquired a 24-acre parcel for $15.8 million. The latest move illustrates Kilroy's bullish attitude on the San Diego area market, as it currently controls some four million sf of office space here. The Kilroy buy totals four lots.
As for the master plan development, Phase I grading, consisting of 53.2 acres (eight lots), was completed in January 2007. In addition, Phase II grading of an additional 46.5 acres is ongoing. Along with the early grading, marketing plans are taking shape as well. "Right now we are focusing on build-to-suits for corporate office, R&D and light manufacturing users," says Chuck McNary of Colliers International.
McNary, along with Ted Cuthbert, also of Colliers International, are marketing the master plan for Techbilt. According to McNary, "Techbilt will develop R&D/flex and industrial buildings on the site which will be offered for lease. These buildings will range in size from 20,000 sf to 160,000 sf."
Techbilt has overseen development projects in the area since the 1980s, when it undertook Carlsbad Oaks Business Park. At that time, it sold some 180 acres, primarily to users and developers.
The latest wave of development is coming at a time of progress in the area. According to officials, the opening of Faraday Avenue and El Fuerte extension is set for completion during the middle of this year, while the Whiptail Loop connection to Faraday Avenue is set for completion by the end of the year.
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