GRADING BEGINS ON FIRST PHASE OF FENTON TECHNOLOGY – PARK Park Will Total More Than 1 Million Square Feet At Completion



SAN DIEGO – H.G. Fenton Company announces that grading has begun on the first phase of Fenton Technology Park, central San Diego’s newest – and one of its only – master planned business parks to be developed in the foreseeable future.  The 130.9-acre business community is being developed in Sorrento Mesa, midway between the 805 Freeway and Interstate 15.

Marketing efforts are under way on the first two phases of the project, with phase one offering 42,570 square feet of multi-tenant space, and phase two offering up to 82,454 square feet in four buildings.  Additionally, up to 500,000 square feet of build-to-suit space is also planned on Lots 5 and 6.  Fenton Technology Park ultimately will include over 1 million square feet of industrial, office and technology uses through phased development over several years, including the new corporate headquarters for Biosite Incorporated (Nasdaq: BSTE).  The project will add over 3,000 new jobs to the San Diego economy.

“The first phases of Fenton Technology Park offer the first multi-tenant space to be built in the area in at least 10 years,” said Kevin Hill, vice president of leasing with H.G. Fenton Company.  “This park has been carefully planned to meet the needs of small- to mid-size users, who until now, have had little if any new space to choose from in the central San Diego area – particularly space that offers a corporate campus environment with numerous amenities and freeway close proximity.  Fenton Technology Park also will appeal to large users, with up to 500,000 square feet of build-to-suit space in planning.”

The first phase of Fenton Technology Park consists of three buildings located at 7090, 7094 and 7098 Miratech Drive, just one-half mile north of Miramar Road and south of Mira Mesa Boulevard.  The project is linked to both roads through the newly completed extension of Camino Santa Fe providing quick and easy access in both directions.

Two of the buildings are designed for single-tenant use, with 12,005 square feet and 12,600 square feet, respectively. The third building offers 17,965 square feet, and is divisible to as small as 1,736 square feet.  All of the buildings are single-story, with outstanding visibility, striking reflective glass and concrete architecture, and expansive canyon views to the north/west.  Interior features include fiber optics access, flexible floor plates, outdoor eating areas and lush landscaping.   Other building amenities include 15’ – 19’ clear height, and 10’ x 10’ truck doors.  There is ample surface parking.

Construction of the buildings in phase one will be complete in late 2005.   Construction on phase two – which will offer four buildings and space options as small as 2,000 square feet – is expected to begin thereafter.  The build-to-suit space on Lots 5 and 6 is being marketed now and can be built in a variety of configurations to the exact specifications of a single or multiple users.  H.G. Fenton Company provides complete development services for tenant convenience.

“With a limited supply of employment land remaining in the central area of San Diego County, Fenton Technology Park helps meet near-term demand for multi-tenant space as well as buildable lots, build-to-suit and potential build-to-own facilities,” said Hill.  “H.G. Fenton Company owns land in key San Diego County markets where demand for development is high and the available supply is limited.  Our goal is to build projects that will help San Diego County continue to attract leading-edge tenants and, at the same, enhance the surrounding community through thoughtfully planned design.”

The Fenton Technology Park site is the last remaining piece of raw land that was part of H.G. Fenton Material Co. mining operation from the 1950s until 1998.  When H.G. Fenton Company decided to focus exclusively on real estate in the late 1990s, it sold its mining business to Hanson Aggregates but retained this portion of the site for future development.  “H.G. Fenton Company’s goal from the outset has been to turn an underutilized parcel of land into a well-planned campus environment,” Hill said.

Marketing of Fenton Technology Park’s first two phases is being handled by Randy LaChance, Glenn Volk and Todd Holley of Voit Commercial Brokerage.  Marketing of the Lots 5 and 6 build-to-suit program is being handled by Mike Philbin of Burnham Real Estate and Rick Sparks of CB Richard Ellis.

Founded in 1906, the H.G. Fenton Company is one of San Diego’s largest private real estate owners and developers.  In addition to Fenton Technology Park, H.G. Fenton Company has an industrial portfolio totaling over 3 million square feet.  It also owns and manages eight apartment communities with a total of 2,119 units, and is under construction on a 396-unit apartment community in Mission Valley called Portofino.

H.G. Fenton Company offices are located at 7588 Metropolitan Dr. in the company’s Mission Valley Heights project in San Diego.