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JMI teams with Cruzan/Monroe to develop Paseo del Mar

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JMI Realty begun construction this month on the first phase of a three-building, 240,000-square-foot Class A office campus in Del Mar Heights.

To be called Paseo del Mar, the more than $77 million campus is being built on an 11-acre site on the southeast corner of El Camino Real and High Bluff Drive. The development is expected to be complete and ready for move-ins in June 2006.

The project designer is Carrier Johnson Architects. The campus will have strong signature identity through exterior building design and configuration on the site, as well as through the inclusion of expansively landscaped grounds. Reno Contracting is the general contractor and Burnham Real Estate Services will handle leasing with Dan Runyon, Mark Wayne and Steve Wolf as exclusive leasing agents.

"This is one of the last remaining sites for office development in San Diego Corporate Park, and is timed to meet the very real need for new Class A office space north of the I-5 and 805 merge," said JMI President John Kratzer.

JMI owns the property and will develop Paseo del Mar in conjunction with Cruzan/Monroe, a San Diego-based real estate acquisitions and development company. "Each of the buildings is three-story with floor plates averaging approximately 26,500 square feet. While this is ideal for large tenants, it also works very well for multispace tenants," said Dennis Cruzan, a principal with Cruzan/Monroe.

JMI is perhaps best known locally for its role as master-developer of the Downtown San Diego Ballpark District. A principal of JMI, John Moores, owns of the San Diego Padres.

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