H.G. FENTON COMPANY SELLS 10 LOTS AT CARLSBAD RACEWAY TO OPUS WEST FOR $16.25 MILLION
SAN DIEGO – In the first of two transactions, H.G. Fenton Company announces that it has sold 10 lots totaling 25 net acres in its 1.5-million-square-foot master-planned Carlsbad Raceway business park to Opus West Corp. for $16,253,978. H.G. Fenton Company will sell an additional seven lots totaling approximately 20 acres to Opus West in early 2006, and is retaining eight lots totaling 33 acres for its own development.
“We are very pleased that Opus West shares our vision for this exciting project and will be bringing its outstanding track record in building development to help make Carlsbad Raceway Business Park a thriving North County employment center,” said Mike Neal, president and CEO of H.G. Fenton Company.
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 Skate Park which closed in the mid-1980s. 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 industrial and office space. This includes H.G. Fenton Company’s planned development of multi-tenant industrial space and build-to-suits on the remaining 33 acres.
Opus West Corp. plans to build 583,000 square feet of office, R&D and manufacturing space in a $105 million undertaking called Opus Point. The 328,000-square-foot first phase will be built on the 25 acres it just acquired from H.G. Fenton Company, with groundbreaking slated for January 2006. The second phase will commence construction following the second acquisition of 20 acres, with construction expected to begin in late 2006.
Marketing efforts for H.G. Fenton Company’s Carlsbad Raceway Business Park are being handled by Dennis Visser, Aric Starck and Mark Emerick of Grubb & Ellis/BRE Commercial, 760-431-4200.
Founded in 1906, H.G. Fenton Company is one of San Diego’s largest private real estate owners and developers. The company is committed to creating quality places for people to live and work. In addition to its office and industrial portfolio, 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 the company’s Mission Valley Heights Business Park in San Diego. The web address is www.hgfenton.com.