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KEARNY MESA, CA-Contiguous blocks of land are scarce in San Diego County, but they do exist, though in diminishing quantities. The latest piece of land to change hands is a nearly 10-acre parcel snagged by ResMed Inc. The manufacturer of medical equipment for the treatment of sleep disorders paid $21 million for three vacant lots in the master-planned community of the San Diego Spectrum, a 244-acre business and residential project, located on the former General Dynamics site.The Sydney, Australia-based ResMed will build its new US headquarters on the site. Although specific dimensions have not been outlined for ResMed’s new space, the property is expected to more than double the 140,000 sf the company currently occupies in Poway.”Our purchase of the Spectrum site is a reflection of our confidence in ResMed’s future growth,” says Keith Serzen, ResMed’s COO for North and South America. Serzen says ResMed took the Poway space nearly five years ago, with an idea to occupy the property for seven to 10 years, but outgrew the site earlier than projected.RedMes employs roughly 180 people locally and approximately 1,700 worldwide. The company’s net worth counts $2.37 billion, making it among the stronger companies in the North County area. With its bottom line bolstered, RedMes will begin construction on the site in the first half of 2006 and plans to occupy the site sometime in 2007, joining other tenants at the master plan including Northrop Grumman, Sharp Healthcare and San Diego County Water Authority, among others.Burnham Real Estate-Oncor International’s Joe Smith and Eric Hutchison represented ResMed with assistance from Steven Beary, Bill Ballard and Mort McCarthy, also of Burnham Real Estate. CBRE’s Rob Merkin, Brad Black, Bret Gossett and Doug Matheson represented LNR Kearny Mesa Inc., doing business as Lennar Partners.

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