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Business parks signal opportunities for North County firms

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Several business parks in North County continue to progress in their various developmental stages and, with that, will entice greater numbers of businesses throughout the area.

Carlsbad Oaks North

The 400-acre master-planned corporate business park on Faraday Avenue between El Camino Real and Melrose Drive is currently progressing according to schedule, said Chuck McNary, senior vice president of Colliers International, which oversees the project's marketing.

Currently, grading on phase two -- the northeast section of the property -- is in process, with work being completed in underground utilities and street improvements. Once grading is completed, the street that runs throughout the business park, called Whiptail Loop, should connect and be completed by March 2008.

The business park, consisting of 150 net acres and 220 acres of natural open space, can accommodate a user campus corporate headquarters of 25 acres. A parcel of the park will be devoted entirely to retail to serve the area's eventual tenants. As of today, there are no buildings erected, and there is still land available for users to purchase, or built to suit. McNary called the various lots "pretty well handed out," and expects phase three to begin in November 2008 and conclude in July 2009. The scheduled opening of El Fuerte and Faraday in October of this year, he added, will be significant for the entire industrial region.

Currently, Kilroy Realty Corp. owns 24 acres within the site. Techbilt Construction is the developer.

Carlsbad Raceway Business Park

H.G. Fenton Co.'s 147-gross-acre development is located at the northeast intersection of Palomar Airport Road and Melrose Drive. It will feature office condominiums for sale, small office and R&D buildings for sale or lease, mid-size to large R&D buildings and Class A office space for lease. H.G. Fenton recently sold 41 acres (17 lots) to Opus West Corp., and retained the remaining 35 acres (eight lots), said Dennis Visser of Grubb & Ellis/BRE Commercial.

H.G. Fenton's Raceway Corporate Center is a 130,000-square-foot office and R&D condominium project.

Construction begins in fall 2007 on H.G. Fenton's Raceway Corporate Center, a 130,000-square-foot office and R&D condominium project within the business park. Architect Rod Wright is designing the buildings, which includes six single-story buildings and one building with second-floor mezzanine. Completion is scheduled for mid-2008. Buyers can invest in space as small as 1,135 square feet up to a full building, at 20,000 square feet or more.

HG Fenton is in the planning stages on the remainder of its lots, including a proposed 95,000-square-foot multitenant office building and space for office condominium/R&D development with real estate ownership opportunities upwards of 1,000 square feet.

Opus West is developing Opus Point, which will feature 615,000 square feet of office, R&D and manufacturing product in two separate phases. Unit sizes will range from 3,864 to 132,000 square feet. Phase one product is now complete, while Phase two will begin construction in late 2007.

Visser noted, too, that the majority of remaining land -- more than 50 acres -- will be dedicated as open space.

Bressi Ranch Corporate Center

The 132-acre Bressi Ranch Corporate Center is currently progressing under three separate developers: St. Croix Capital, Ryan Companies US Inc. and Slough Estates USA, which is set to be acquired by Health Care Professionals Inc. in the third quarter of 2007.

Slough's development spans 40 acres, with plans to build corporate headquarters, R&D and biotechnology space on a for-lease basis, both speculative and built-to-suit.

Currently, Ryan is under construction in the first phase of its project, called The Towers at Bressi Ranch, said Roger Carlson, first vice president of broker CB Richard Ellis. The project, consisting of industrial condos and office condos in 12 buildings, will feature 162,000 square feet in the first phase, to be completed in the fourth quarter of 2007.

St. Croix, meanwhile, is under way on two projects: The first, The Spectrum at Bressi Ranch, is a 14-office building project of 218,000 square feet that recently completed construction. The second project, called Spectrum Flex, is an R&D building-for-sale project, scheduled to be available for the first quarter of 2008.

CB Richard Ellis represents Ryan and St. Croix Capital, while Burnham Real Estate represents Slough/HCPI.

Pacific Coast Business Park

In Oceanside, AMB Property Corp. has recently completed and recorded its land plan and large parcel map for Pacific Coast Business Park, said Kim Synder, managing director of the Southwest Region for AMB. At this point, all slots on the 124-acre, 1.6 million-square-foot master-planned community are individual lots, separately entitled, in what Snyder called the "grading and off-site improvement stage."

Pacific Coast Business Park is a 124-acre, 1.6 million-square-foot master-planned development in Carlsbad now in the grading phase.

"We're working on fashioning up all the rough and fine grade related to the streets, all the utilities, and the structures that go together with the individual paths and parcels that we've created," said Snyder. He said that process is 30 to 60 days until completion.

Furthermore, AMB is finalizing vertical improvement plans for the speculative buildings it has proposed in the industrial park, which can house businesses with a wide range of industrial uses from manufacturing to warehousing to R&D. Those buildings have been drawn, and within 150 days the developers will be in a position to pull grading permits and begin onsite work.

To date, only one has been stipulated to be occupied, a deal that is "pretty well firmed up" with the fire department, according to Snyder. There have been no public commitments announced yet, though the park has been subject to "a fair amount of interest and inquiry," he maintained.

Lee and Associates are brokers for the project.

Palomar Forum

At Palomar Forum, the 50-acre business park spanning a mile along Palomar Airport Road, Davis Partners LLC finished the first phase of buildings-for-sale last November: 28 units on 208,000 square feet. To date, 10 of the 28 buildings have been sold, and the size on these buildings ranges from 4,000 to 12,000 feet, said Larry Nelson of Davis Partners.

Palomar Forum is a 50-acre business park along Palomar Airport Road.

In January, ground was broken on the for-rent section of the business park, which features 158,000 square feet and 60 units. Nelson says those units are being planned for marketing sometime "towards the end of August 2007." The first building will be available in September, he said.

In terms of pre-leasing, Nelson expects that it will not begin until roughly a month prior to tenants' moving in.

Grubb & Ellis/BRE is marketing the development for Davis Partners.

McRoskey is a San Diego-based freelance writer.

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