From SoCal Real Estate’s January 2019 issue:
The latest news and developments in construction
JV Breaks Ground on 277,000-SF Industrial Center
The Otay Mesa neighborhood of San Diego will soon be getting a new, class-A, three-building industrial development. Sunroad Enterprises and Majestic Realty Company have broken ground on Majestic Sunroad Center, a “project that will support growing businesses and meet current market demand for industrial space,” according to a release from a representative of the developers.
Majestic Sunroad Center is the debut industrial project in San Diego County for the Sunroad Enterprises and Majestic Realty Co. partnership, according to the release. The project is expected to be completed in 2019.
Located on an approximately 16-acre parcel at the southwest corner of Otay Mesa Road and Otay Mesa Center Road, the project will feature 227,000 square feet of industrial space, “first-rate amenities and design features,” the statement says. Each building will be of a unique size, which will help accommodate a range of business sizes.
Also, according to the statement, Majestic Sunroad Center will include leading-edge and function design features such as 30-foot clear height, cross-dock loading, LED lighting, ESFR fire protection, and secured truck courts.
City of San Diego Mayor Kevin L. Faulconer, along with dozens of community and business leaders, attended the groundbreaking. In the statement, Faulconer is quoted as saying during the event, “Industrial projects like Majestic Sunroad Center help fuel our regional economy and create places businesses need to grow and continue creating high-quality jobs for San Diegans. Majestic Sunroad Center will be an opportunity for our innovation, manufacturing, and distribution companies to expand their footprint and bolster the economic competitiveness of the entire San Diego region.”
Sunroad Enterprises has been actively involved in the San Diego market. As SoCal Real Estate recently reported, the firm sold Sunroad Corporate Center, a three-building 302,289-square-foot office property in the University Town Center (UTC) submarket of San Diego, to The Irvine Company, according to a release from a representative of NKF Capital Markets sent to us exclusively. The rep would not reveal the sale price to us, but industry sources unrelated to the deal report that the price was $180 million.
Badiee, Exeter Complete Largest Escondido Build of Its Kind
Badiee Development and Exeter Property Group have completed construction on the Exeter Industrial Park, a 212,088-squarefoot, industrial distribution building on a 10.9-acre campus located at 1925 and 2005 Harmony Grove Road in Escondido, California, according to a release from a representative of the developers. The project is the first new industrial building in over a decade and is the largest building of its kind in Escondido, a city in northern San Diego County, the statement says.
The project is partnership between Badiee and Exeter, who last year reached an agreement to combine two separate projects into a single-tenant building, now known as Exeter Industrial Park, according to the release, which adds that Badiee served as the construction manager for the project.
Exeter Industrial Park has one tenant: Veritiv, a national distribution company that is a North American business-to-business distributor of packaging, facility solutions, print and public-publishing products and services, as well as logistics and supply-chain-management solutions, the statement says.
Ben Badiee, CEO of Badiee Development Inc., is quoted in the statement as saying, “Badiee Development is proud to be a part of this landmark project for Escondido. Exeter Industrial Park is a record building, completed in record time. This development is a true testament to a strong partnership between Badiee, Exeter, and the City of Escondido. We look forward to continuing our work to develop critically needed projects for Escondido and across the San Diego region.”