Property Fully-Leased After Repositioning

VISTA, CA -Poinsettia Park, an industrial project on La Mirada Drive and Poinsettia Avenue, has been completely leased.

The 78,000 sf industrial project formerly known as the Oak Ridge Business Center is owned by a San Diego based partnership including and managed by Foster Investment Corp. Foster originally acquired the investment as a single net asset.

Two recent leases brought Poinsettia Park to full occupancy. BackYard Boards, which makes custom skateboards, signed a five-year lease for15,000 sf, and Amerilum, a light fixture manufacturer, also signed afive-year lease for 18,000 sf.

Local market conditions made it impossible for the seller to continue leasing the property to a single tenant. BRE was awarded the assignment to reposition the property as a multi-tenant facility.

“The complexities for reposition were quite significant,” says Andy Melzerof BRE Commercial/NAI. Melzer along with Mark Emerick, also of BRE, analyzed local market conditions and trends.

Once the market understood the repositioning goal, leasing happened at a rapid pace.

“Despite a slowing market, we were able to lease the project to the 100% level within only eight months,” adds Emerick.