X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(To read more on the industrial market, click here.)

OCEANSIDE, CA-The 26.5-acre Seagate Corporate Center has been purchased by New York-based Rockefeller Group Development Corporation (RGDC) for an undisclosed amount. The business center will eventually be composed of 12 industrial and four office buildings, totaling 376,685 rentable sf.

RDGC, represented by Ron King, SIOR, and David Onosko of Coldwell Banker Commercial, will construct the business park in two phases. Phase one, which is currently under construction, will total more than 205,000 rentable sf on 13.5 acres. Phase two, which is still undeveloped, will include the remaining 13 acres and 171,000 sf.

Construction on Seagate Corporate Center, which is located on Rancho Del Oro Drive, is slated for completion in 2009. When finished, Seagate will consist of for-lease office suites, industrial condominiums and other freestanding buildings that will be able to accommodate office, industrial, R&D or corporate headquarter facilities on a built-to-suit basis.

Tom McCormick, RDGP’s senior vice president and regional development officer, tells GlobeSt.com that being able to acquire so much acreage in such a popular, constraint-laden area as North San Diego County, was quite an opportunity.

“The North San Diego County market is a particularly hard [place] to find sites because there’s a lot of geographic challenges with lots of hills and canyons, we’d been looking for some time, but it’s just hard to find buildable sites for commercial – and especially office and industrial – properties,” he says. “So this was a very unique opportunity because San Diego is a good city and it had all the constraints institutional investors want.”

By constraints, McCormick means that Oceanside is well buffered by the existing elements: the Mexican border to the south, the ocean to the west, the mountains to the east and the Marine Corps Base Camp Pendleton to the north. “With these kinds of barriers there’s no easy access into this market,” McCormick notes. “So investors already in there don’t have to worry about too much surrounding competition.”

Another reason investors like San Diego and projects like Seagate, according to McCormick, is because this county has such a diverse employment base, including everything from golf attire manufacturers, to the world’s leading biotechnology companies, to computer software.

The commercial owner, developer and management group also just purchased a 23-acre vacant site in Torrance this past August, which, combined with Seagate, is helping to beef up its California commercial real estate portfolio.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.