Kelly Capital Picks Up 11 Acres at Bressi Ranch

CARLSBAD, CA-Adding to its portfolio at Bressi Ranch Corporate Center, developer Kelly Capital Group has acquired another 11-acre parcel from Sares-Regis Group for an undisclosed sum. The group now has a total of 51 acres at Bressi Ranch, a 132-acre master plan project."We are seeing tremendous demand for new office and flex product at Bressi Ranch," says developer Ken Satterlee of Kelly Capital Group. "Of the 15 buildings we have planned for Spectrum at Bressi Ranch, 12 have already sold. Similarly, five of our nine planned buildings at SpectrumFlex have already sold."So far, Sares-Regis Group has sold 118 of its 132 acres at Bressi Ranch Corporate Center, which will incorporate office and industrial components. Lannie Allee, Rick Sparks, Roger Carlson, Matt Strockis and Bill Driscoll of CB Richard Ellis represented both parties.In an earlier interview, Allee, senior vice president for CB Richard Ellis, told Globest.com that Kelly Capital plans to develop two million sf of space in the corporate center. Once completed, the portfolio will consist of small office buildings and flex buildings for sale and lease.Industrial condominiums will also be available for sale. Slough Estates, one of the other major land buyers at the site, plans to develop two to three speculative office buildings, ranging in size from 40,000 sf to 60,000 sf each."Carlsbad has seen a lot of expansion in the office market," Allee said. "We are seeing the construction of corporate headquarters and expansion of existing buildings in the marketplace."The residential portion consists of 450 homes built by construction company Lennar Homes. The homes have been completed and sold.Sares-Regis Group closed its first land sale in April of this year where Bressi Spectrum LLC, an affiliate of Kelly Capital, bought nine acres of land for an undisclosed amount.