SAN DIEGO – H.G. Fenton Company has acquired Carlsbad Corporate Center, a two-building industrial project comprising 150,173 square feet in two buildings on 9.44 acres and an adjacent finished parcel of 8.27 net acres, for $15.3 million. With this purchase, H.G. Fenton Company now owns five business parks in the Carlsbad area and has a commercial real estate portfolio totaling over 2.9 million square feet.
Carlsbad Corporate Center was sold to H.G. Fenton Company by Carlsbad Corporate Center LLC, with Birtcher Anderson Properties acting as asset manager for the seller. The project, built in 2001, is centrally located on El Camino Real near the intersection of Faraday Avenue, just three miles east of the I-5 Freeway and north of Palomar Airport Road. Mark Emerick and Dennis Visser of BRE Commercial represented both parties in the transaction.
The 73,480-square-foot facility at 5818 El Camino Real, has already been completely leased to K2 Sports, in a five-year, $2.68 million transaction. In the lease, Emerick and Visser represented Carlsbad Corporate Center, LLC, and Emerick represented K2, Inc. The second facility, located at 5818 El Camino Real, is 76,693 square feet and available for lease. The building can accommodate tenants with space requirements ranging from 25,000 to 76,693 square feet. Emerick and Visser will coordinate leasing efforts.
“There is a diminishing supply of this product in the Carlsbad market, and no new construction to compete in the near term,” said Kevin Hill, leasing director with H.G. Fenton Company. “We chose this project for its outstanding location in what continues to be a very desirable North County industrial market. Our objective is to provide companies with superior business locations and a high level of service to help them achieve their business objectives.”
According to Hill, H.G. Fenton Company is considering building 95,000 square feet of multi-tenant space on the adjoining parcel.
“We want to serve the needs of small- to mid-size growth oriented firms as well as larger tenants,” said Hill. “San Diego, and especially North County, is recognized for being an entrepreneurial center for start-up companies. Our portfolio has been carefully structured to give all of our existing tenants flexibility as well as the ability to relocate to other H.G. Fenton Company projects as their business requirements change.”
Carlsbad Corporate Center is H.G. Fenton Company’s fifth acquisition in the Carlsbad area. Most recently, the company purchased Carlsbad Crossroads, a 10-building, 175,569-square-foot business park located 2720-38 Loker Avenue West for $16 million in 2001.
Carlsbad Corporate Center will be professionally managed by H.G. Fenton Company, one of the largest owners of industrial property in the greater San Diego area. In addition to its existing portfolio, the company is under construction on Fenton Technology Park, a 1-million-square-foot campus on the border of Mira Mesa and Sorrento Mesa. Fenton Technology Park will offer industrial, office and technology uses, ultimately creating more than 5,000 new jobs through phased development over several years.
In addition to its industrial portfolio, H.G. Fenton Company owns several hundred acres of land and 2,117 apartment units in eight communities throughout San Diego County: It is also under construction on a new 396-unit luxury apartment community in Mission Valley called Portofino.
“We are growing our commercial and residential portfolios with high quality properties that provide the community with convenient, accessible and well-maintained places to work and live,” Hill said. “We look forward to providing Carlsbad Corporate Center tenants with outstanding service backed by our long-term ownership commitment.”
H.G. Fenton Company offices are located at 7588 Metropolitan Dr. in the company’s Mission Valley Heights project in San Diego.