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SAN DIEGO—LBA Realty has begun construction on a 230,000-square-foot office, R&D and industrial campus at 4400 Ruffin Rd. in Kearny Mesa here that will offer multiple synergistic property types to be positioned in one location. According to Rob Merkin, SVP of CBRE—who, along with Bill Dolan and Brad Black, are marketing the property—the renovated space will be the largest office and industrial opportunity in Central San Diego.
Dolan, first VP, tells GlobeSt.com, “4400 Ruffin Road is such a rare opportunity due to its scale, outstanding function, flexibility for a wide variety of uses and unmatched location in the heart of Central San Diego. The repositioning of this property is indicative of what is happening elsewhere in Kearny Mesa due to its outstanding location but preponderance of older, functionally challenged properties. The availability of sizable, functional properties like this in Kearny Mesa is virtually non-existent due to the extremely high barriers of entry.”
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As we reported in July, there is tremendous strength in the small-tenant industrial segment in the Kearny Mesa submarket, particularly below 10,000 square feet, BKM Capital Partners' director of acquisitions Brett Turner told us. His firm is focused on demising its larger spaces to capitalize on this changing environment. He added that BKM is attracted to the dynamic of Central San Diego due to its diverse economy. “Our service sector tenants are poised to expand under the new administration's effort to increase defense spending, as well as growth in biotech and manufacturing.”
CBRE's Merkin says there's nothing like the planned project on the market. “This unique campus offers multiple synergistic property types to be positioned in one location.”
LBA purchased the property from United Technologies in December 2016. The property previously housed Pratt & Whitney (a United Technologies subsidiary), an aerospace company that was situated on 13 acres.
LBA is using commercial real estate architectural firm Ware Malcomb to reposition the two-story, 124,000-square-foot office space, which will feature a modern lobby and abundant parking to complement its large, efficient floor plates. Renovation has started on the existing manufacturing building, and a new, 106,000-square-foot industrial-type building will be constructed featuring a 32-foot clear height, 24 dock-high doors, four grade-level doors, expansive column spacing, ESFR fire-suppression system and a large truck-yard area for easy and efficient loading access.
Occupancy by future tenants is planned for April 2018. The property is located close to several highways, including interstates 15, 8, 805 and 5, as well as highways 163 and 52. The central location has multiple ingress and egress options and is located near many amenities including hotels, airports, restaurants, fitness centers and banking services.
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SAN DIEGO—LBA Realty has begun construction on a 230,000-square-foot office, R&D and industrial campus at 4400 Ruffin Rd. in Kearny Mesa here that will offer multiple synergistic property types to be positioned in one location. According to Rob Merkin, SVP of CBRE—who, along with Bill Dolan and Brad Black, are marketing the property—the renovated space will be the largest office and industrial opportunity in Central San Diego.
Dolan, first VP, tells GlobeSt.com, “4400 Ruffin Road is such a rare opportunity due to its scale, outstanding function, flexibility for a wide variety of uses and unmatched location in the heart of Central San Diego. The repositioning of this property is indicative of what is happening elsewhere in Kearny Mesa due to its outstanding location but preponderance of older, functionally challenged properties. The availability of sizable, functional properties like this in Kearny Mesa is virtually non-existent due to the extremely high barriers of entry.”
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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.
