[IMGCAP(1)]
CARLSBAD, CA—Repurposing a former floral trade mart into a modern office project allows developer Cruzan to offer one of the first amenitized campus environments in a smaller setting in Carlsbad, partner Peter Spencer tells GlobeSt.com. As GlobeSt.com reported in late April, DTZ represented Cruzan in its 45,000-square-foot lease with GoPro, the first tenant signed at MAKE. We spoke with Spencer exclusively and met him at the MAKE construction site here for a walk-through of the place-based project.
GlobeSt.com: What was the impetus behind MAKE?
Spencer: Our original vision for MAKE was to create a campus environment with all of the amenities and features that are very often associated with large industry-leading users. We have a large law firm interested in these amenities, features and benefits, which they can offer their folks to retain and attract talent. With this project, we're able to provide this to tenants of varied sizes.
GlobeSt.com: What do you feel makes it so special?
Spencer: The project is 300 yards from the beach, 1.5 miles from a transit stop and within 10 miles of executive housing and affordable housing. One of the big parts of our vision was we cannot screw up this opportunity. We have gone back and done it right, from the design folks we brought on for the vision to the architecture and the landscape. We wanted to bring in the right people to bring this whole project together, and I think we've done a pretty good job.
GlobeSt.com: Why was Carlsbad chosen as the best market for this project?
Spencer: It was the building and its location that provided the opportunity. It was originally a 156,000-square-foot electronics-manufacturing building that became a floral-trade distribution center. It was a tired old building, but it was next to transit; had access to the outdoors including trails; and was near existing retail, amenities and the beach. The project picked its own location, and it's been great to have a chance to work on this one.
GlobeSt.com: Do you anticipate seeing more large redevelopment projects like this in the Carlsbad or general San Diego market?
Spencer: This trend has been going on for a while, but it's moving to the suburban markets. Guys up in Santa Monica have been doing this for some time, and we did it back in 2007, but more in infill areas. The trend will absolutely continue. It doesn't matter if the user is a tech company, a law company or a more institutional firm. When they see it, they fall in love with it. It's been challenging because there are a lot more developers looking for space to develop this product, so there's more competition for us getting into the circle.
GlobeSt.com: What else should our readers know about MAKE?
Spencer: San Diego has just started to embrace what makes it so different from any other market in the US. The climate here is pleasant almost every day. With this project and others, we provide access to what makes this space so great. It allows people to work better when they have access to going surfing during lunch. We pay a lot to live and work here, so why not take advantage of it?
[IMGCAP(2)]
[IMGCAP(3)]
[IMGCAP(4)]
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.
Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
