Nearly 30 acres of land, one of the few remaining large-scale industrial sites in San Diego County, has been acquired with plans to develop the Oceanside parcel into a modern industrial campus.
PC West, the West Coast arm of national real estate firm Lincoln Property Company, along with an affiliate of Cerberus Capital Management, L.P., which specializes in alternative investing, were behind the transaction.
Though the economy has been hard hit by the coronavirus, officials noted the strength of the market for office space.
“This is one of the last large entitled industrial sites in San Diego County at a time when the demand for industrial space is continuing to grow,” said Scott Moffatt, Senior Vice President of LPC West’s San Diego office. “Together with Cerberus, we plan to build highly efficient industrial buildings that will meet the needs of tenants looking for quality industrial space in the San Diego region.”
The site is located within Ocean Ranch, near Interstate 5, between Highways 76 and 78. The office park, at more than 400 acres, has emerged as a corporate hub and includes Fortune 500 companies as tenants.
Other office parks in the corridor include Seagate Business Park, Pacific Coast Business Park and Rancho del Oro Technology Park.
“With Oceanside’s strategic location, the area has become an attractive region in Southern California for leading companies,” said Tom Wagner, Head of North American Real Estate at Cerberus. “This is a great opportunity to develop a best-in-class industrial campus in Oceanside … to provide high-quality, efficient spaces for future tenants.”
LPC West’s San Diego office has had significant growth over the past 12 months, both in acquiring properties and spurring new development.
The firm owns and manages nearly 1.5 million square feet of commercial real estate in the San Diego region, with an additional 450,000 square feet under development.
Founded in 1992, Cerberus manages more than $42 billion in assets across complementary credit, private equity, and real estate strategies.
– Staff reports