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ESCONDIDO, CA—Badiee Development has sold two land parcels, originally slated for other projects, to Exeter Property Group to develop an industrial-distribution building in a market, like many in Southern California, that's starved for industrial space. The parcels were initially planned for the development of the Escondido Innovation Center and Escondido Victory Industrial Park, two multi-tenant projects; Exeter now plans to build a single-tenant, approximately 200,000-square-foot project on the site in conjunction with Badiee as the project developer.
Ben Badiee, CEO of the firm, tells GlobeSt.com, “It's completely rare to sell a property when you're in the middle of the grading process and then partner with a high-caliber, national real estate company like Exeter Property Group on a new larger project. Buildings of this size are not typical for Escondido, but with the rise in demand for 'last-mile' industrial space and scarcity of local development sites, Exeter Property Group recognized the opportunity to partner with us on this new project.”
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Regarding why the developers have chosen to create one single-tenant building versus two multi-tenant buildings, Badiee tells us, “A single large distribution building provides us to the opportunity to attract a large-scale, national tenant. Instead of developing five separate buildings across two projects, we are able to deliver a more than 200,000-square foot super pad with mezzanine space.”
According to since 2015, the company's “vision was to develop highly needed, contemporary industrial space in Escondido as part of our current North County San Diego project pipeline. We are pleased to partner with Exeter Property Group to deliver upon this vision and bring to market what will be the latest and largest industrial offering in Escondido.”
Badiee told GlobeSt.com in March that the highest and best use of the region's limited amount of land is industrial properties, which provide high-paying jobs for citizens. At that time, the firm had reached a construction milestone with the completion of the concrete wall panel tilt-up for the Carlsbad Victory Industrial Park, a 55,573-square foot industrial project that was just completed and has been rebranded as Carlsbad Innovation Ridge.
Construction on the Escondido project is set to begin in Q5, with an estimated completion in Summer 2018. The total 10.9-acre campus is located at 1925 and 2005 Harmony Grove Rd. here.
Mike Erwin of Colliers International San Diego Region represented Badiee in the land-sales transaction, while Chris Holder and Mark Lewkowitz of the same office represented Exeter. Exeter has 140 million square feet of industrial properties under management across the US and Europe and serves hundreds of tenants, from global distributors to local entrepreneurs.
According to Matt Brondik, a principal at Exeter, the firm “has long been looking to engage in San Diego's rapidly growing industrial market, and Badiee Development's Escondido sites provided the ideal opportunity for our first project in the area. We plan for this to be the first of many like-kind industrial projects developed in partnership with Badiee Development in San Diego County.”
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ESCONDIDO, CA—Badiee Development has sold two land parcels, originally slated for other projects, to Exeter Property Group to develop an industrial-distribution building in a market, like many in Southern California, that's starved for industrial space. The parcels were initially planned for the development of the Escondido Innovation Center and Escondido Victory Industrial Park, two multi-tenant projects; Exeter now plans to build a single-tenant, approximately 200,000-square-foot project on the site in conjunction with Badiee as the project developer.
Ben Badiee, CEO of the firm, tells GlobeSt.com, “It's completely rare to sell a property when you're in the middle of the grading process and then partner with a high-caliber, national real estate company like Exeter Property Group on a new larger project. Buildings of this size are not typical for Escondido, but with the rise in demand for 'last-mile' industrial space and scarcity of local development sites, Exeter Property Group recognized the opportunity to partner with us on this new project.”
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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.
