Badiee Development and Exeter Property Group have announced that they plan to develop a new Escondido industrial project following a recent property sale.
The two companies plan to develop a single tenant industrial building in place of two planned multi-tenant projects.
Badiee Development has sold two industrial land parcels, originally slated for the development of the Escondido Innovation Center and Escondido Victory Industrial Park projects, to Exeter Property Group. With 140 million square feet of industrial properties under management across the U.S. and Europe, Exeter is a real estate partner to hundreds of tenants, from global distributors to local entrepreneurs. Exeter plans to build a new approximately 200,000 square foot industrial distribution building on the site in conjunction with Badiee Development as the project developer.
Mike Erwin of Colliers International San Diego Region represented Badiee Development. Chris Holder and Mark Lewkowitz of Colliers International San Diego Region represented Exeter Property Group.
“Since 2015, Badiee Development’s vision was to develop highly needed, contemporary industrial space in Escondido as part of our current North County San Diego project pipeline. We are pleased to partner with Exeter Property Group to deliver upon this vision and bring-to-market what will be the latest and largest industrial offering in Escondido,” said Ben Badiee, CEO of Badiee Development.
“Exeter Property Group has long been looking to engage in San Diego’s rapidly growing industrial market and Badiee Development’s Escondido sites provided the ideal opportunity for our first project in the area,” said Matt Brondik, Principal at Exeter Property Group, “We plan for this to be the first of many like-kind industrial projects developed in partnership with Badiee Development in San Diego County.”
Michelle Geller, the City of Escondido Economic Development Manager, told The Times-Advocate: “The revised plan is still very much in line with the city’s goals of attracting innovative companies offering quality, high paying jobs. Given our very low vacancy rate in industrial spaces, the Badiee Development project is a much needed addition to our inventory.”
Construction is set to commence in in the fourth quarter of 2017 with an estimated completion in summer 2018. The total 10.9 acre campus is located at 1925 and 2005 Harmony Grove Road, Escondido