David Onosko and Ron King, SIOR of Coldwell Banker Commercial-Almar Real Estate Group have completed the sale of the 350-acre Ocean Ranch Corporate Center, totaling a remarkable $150 million in consideration.
The team has been responsible for marketing phases I and II of the Oceanside business park since the property was purchased five years ago. They have been involved in 1.4 million square feet in build-to-suit construction as well as 570,000 square feet in spec development projects.
The remarkable accomplishment of closing on 350 acres in five years has been attributed in part to the availability of large land parcels within Ocean Ranch and the business park's central location to the San Diego, Los Angeles and Orange County markets. This has afforded companies the capability of gaining a foothold in all three markets combined, which few other areas in Southern California can provide.
Land availability was also valued at a premium when the property was purchased, so though Carlsbad has recently offered industrial land, Ocean Ranch was one of few areas available for industrial expansion at the time.
Coldwell Banker Commercial's initial sale of 60.4 acres to San Diego-based Biogen IDEC Pharmaceuticals combined with the cooperation and endorsement afforded by the city of Oceanside, were also factors that initially helped to market the park as a sound industrial opportunity.
Biogen IDEC is one of 11 total build-to-suit projects within the park, eight of which have been completed and the remaining three of which are currently under construction. OneSource Distribution, Ashworth and Coca Cola are other notable companies that initially contracted for build-to-suits and have since taken up residence in Ocean Ranch.
San Diego-based Hamann Construction has completed over 90 percent of the contracted build-to-suits, and is also responsible for two of the larger spec development projects within the park. These include a partnership with Carltas Company in the construction of a 115,000-square-foot industrial project, 90 percent of which has already been pre-sold, and a partnership with Stirling in the construction of industrial condos and small buildings totaling 85,000 square feet.
Cruzan/Monroe Development's La Pacifica, which includes three industrial/R & D buildings totaling 224,000 square feet, and developer Kahl & Goveia's 95,000-square-foot Ocean Ranch Plaza are two additional spec development projects scheduled to break ground in late 2005.
Other planned development projects within Ocean Ranch include the construction of a Marriott Courtyard Hotel and future residential and retail sites.
Coldwell Banker Commercial-Almar Real Estate Group was founded in 1999 by Alan Scott, CCIM, R. Marty Smith, SIOR and Allen Nunez. The company is based in Carlsbad and consists of the following sales offices: North County Properties, Carlsbad (760) 602-4800; Towne Centre, La Jolla (858) 200-8888; Temecula, South Riverside (951) 296-9800. For more information, visit www.almargroup.com.
Submitted by Coldwell Banker Commercial-Almar Real Estate Group