H.G. FENTON COMPANY BRINGS EXPERTISE AS MASTER DEVELOPER TO CARLSBAD WITH 1.5-MILLION-SQUARE-FOOT CARLBAD RACEWAY BUSINESS PARK
SAN DIEGO – H.G. Fenton Company is bringing its expertise as a developer of well thought-out campus environments to Carlsbad, with its redevelopment of the former Carlsbad Raceway site into a 1.5-million-square-foot office and industrial park that will provide up to 5,000 new jobs through phased development over several years.
Carlsbad Raceway Business Park is being built at the northeast intersection of Palomar Airport Road and Melrose Drive on the site of the former Carlsbad Raceway. As master developer, H.G. Fenton Company is preserving 50 percent of the 147-gross-acre site as open space. It has subdivided the rest into 25 parcels to create the flexibility needed to build a low-rise, attractively landscaped campus-like environment that includes both speculative and build-to-suit and purchase industrial and office space.
Additionally, H.G. Fenton Company is implementing a number of improvements to enhance traffic flow through the area, including the widening of approximately 1,600 feet of Palomar Airport Road and an extension of Melrose Drive between Palomar Airport Road and the Vista city limits.
“We want Carlsbad Raceway Business Park to be a vital part of the Carlsbad community that provides a great environment for people to work in and that contributes to the quality of life by easing commute times,” said Kevin Hill, vice president of leasing with H.G. Fenton Company. “The site has a long and sentimental history in Carlsbad, and we are working diligently to build a business community that the city will be proud of.”
According to Hill, office and industrial vacancy in Carlsbad has steadily declined in recent years in response to rising tenant demand and several years during which no new inventory was added to the market.
“Carlsbad Raceway Business Park will meet the needs of companies of all sizes who want a quality environment that offers exceptional value and a desirable North County location,” he said. “It is the only business park in the area that has direct access from the Melrose Drive thoroughfare, and is also accessible via signalized intersections at Palomar Airport Road and Eagle Drive, and Business Park Drive and Lionshead/Poinsettia.”
Of the approximate 73.5 net acres of the Carlsbad Raceway site that is slated for development, H.G. Fenton Company is proceeding with development on 33 acres that includes a variety of multi-tenant and build-to-suit space options. An approximate 150,000-square-foot office and industrial condominium project has been designed on lots 13 – 15 in the project. Construction is scheduled to begin in late 2006.
Additionally, as part of its master plan, H.G. Fenton Company recently sold 10 lots totaling 25 acres to Opus West Corp., and a second transaction involving an additional seven lots totaling 20 acres is expected to close soon. Opus West plans to build 575,000 square feet of office, R&D and manufacturing space in two phases in a project called Opus Point. The first phase will be ready for occupancy in summer 2006.
Architect Rod Wright is designing the H.G. Fenton Company buildings in Carlsbad Raceway Business Park. Leasing is being handled by Dennis Visser, Aric Starck and Mark Emerick of Grubb & Ellis/BRE Commercial. For information call 760-431-4200.
Celebrating its 100th anniversary this year, H.G. Fenton Company is one of San Diego’s largest private real estate owners and developers. The company’s successful track record in the development of large business communities includes the 1-million-square-foot Mission Valley Heights campus in Mission Valley and 1-million-square-foot Fenton Technology Park in Sorrento Mesa. H.G. Fenton Company is also very well known for its commitment to meeting the needs of smaller tenants. Of its current 3-million-square-foot-plus industrial portfolio, approximately 80 percent is dedicated to multi-tenant/incubator tenants.
“We bring a long-term ownership commitment to every project we own or develop and are committed to helping our tenants as their space needs change over time,” said Hill.
In addition to its industrial portfolio, H.G. Fenton Company also owns and manages 11 apartment communities totaling 2,800 units in key areas throughout the county.
H.G. Fenton Company offices are located at 7577 Mission Valley Road in Mission Valley Heights. The web address is www.hgfenton.com