Bressi Ranch. Development Opportunity. Offering Memorandum Carlsbad, San Diego JLL 1

Transcription

1 Bressi Ranch Development Opportunity Offering Memorandum Carlsbad, San Diego 2018 JLL 1

2 The Offering Pacific Ocean McClellan-Palomar Airport Viasat Inc. Lowe s Holiday Inn Staybridge Suites The Square at Bressi Ranch Pacific Ridge School Bressi Ranch Village Center Acushnet Co Glanbia Nutritionals Palomar Airport Rd. El Fuerte St. SUBJECT Gateway Rd. BREG Optum RX 2 Bressi Ranch San Diego, CA

3 Bressi Ranch San Diego, CA The Offering JLL has been retained as the Exclusive Agent for Seller to extend to qualified principals the opportunity to acquire a fee simple interest in two vacant parcels of land totaling 5.31 acres in the Bressi Ranch area of Carlsbad, California. The Property is strategically located at the intersection of Palomar Airport Road and Gateway Road, the heart of the business community in Carlsbad, a dynamic and continually growing market that is home to a broad range of business and professional service companies including Life Sciences, Telecommunications, Action Sports, Manufacturing, and Hospitality and Leisure. Carlsbad embodies the California coastal lifestyle, where live/work/play mantra brings creative, highly motivated and educated workforce together to create a dynamic and growing economy. INVESTMENT HIGHLIGHTS Master Planned Community Bressi Ranch is a master planned community in Carlsbad. The area contains over 600 homes in eight neighborhoods, a 135-acre business park, two retail centers totaling over 211,000 sf, 187 acres of open space and eight community parks. Flexible Zoning The property is currently zoned PC or Planned Community and is governed by the Bressi Ranch Community Plan. Per the Carlsbad Municipal Code this zoning designation will afford the owner the opportunity. The Seller has engaged the City of Carlsbad and the City has indicated its willingness to consider multiple uses on the site. In Good Company Carlsbad is home to many global and regional companies including: ViaSat, Thermo Fisher, Callaway Golf, Ionis Pharmaceuticals, Walmart Ecommerce, Abbott Labs, Prana, Reef, GoPro and TaylorMade Golf. High Barrier to Entry One of the last development parcels available in Bressi Ranch limiting new supply and offering a competitive advantage in a supply constrained environment. Submarket Strength Low vacancy rates and rising rents across all product types in Carlsbad. Industrial vacancy rate is 7.1%, Office vacancy rate has dropped to 17.4% and Retail vacancy is 2.5%. The site has also been extensively evaluated to accommodate Senior Housing. JLL 3

4 The Property The Square at Bressi Ranch Palomar Airport Rd. Bressi Ranch Village Center El Fuerte St. Gateway Rd. SUBJECT 4 Bressi Ranch San Diego, CA

5 Bressi Ranch San Diego, CA The Property LAND SPECIFICATIONS Location SEC Palomar Airport Road & Gateway Road, Carlsbad, CA APN Total SF Electricity Water & Sewer Zoning Community Plan Frontage 231,303 SF SDG+E Carlsbad municipal water district Planned community (PC) Planned industrial (PM) Bressi Ranch community plan North: Approx. 300 FT along Palomar Airport Road South: Approx. 430 FT along Gateway Road East: Approx. 520 FT along Gateway Road 1. The P-C zone is applied to large tracts of land to ensure their comprehensive and orderly planning and development. Permitted uses and development standards in the P-C zone are established by master plan. Detail 2. Planned industrial allows the location of business and light industries engaged primarily in research and/or testing, compatible light manufacturing, and business and professional offices; allow certain commercial/retail uses which cater to, support, or are accessory to the uses allowed in this zone; and allow flexibility for other select uses (i.e., athletic clubs/gyms, churches, daycare centers, recreation facilities, etc.) when found to be compatible with the P-M zone through the issuance of a conditional use permit. JLL 5

6 The Property Site plan - Industrial 6 Bressi Ranch San Diego, CA

7 Bressi Ranch San Diego, CA Site plan - Corporate Headquarters JLL 7

8 The Property Site plan - Mixed-Use 8 Bressi Ranch San Diego, CA

9 Bressi Ranch San Diego, CA Site plan - Hotel VICINITY MAP : (N.T.S.) SITE This conceptual design is based upon a preliminary review of 1" =30' entitlement requirements and on unverified and possibly incomplete site and/or building information, and is intended merely to assist in exploring how the project might be developed NORTH scheme: 10a Bressi Ranch SDG SHEET Gateway Rd, Carlsbad, CA 1 JLL 9

10 27' 25' 163' 100' DETENTION BASIN 152' The Property Site plan - Retail PALOMAR AIRPORT ROAD 21' 27' 24' 187' GATEWAY ROAD RETAIL 1 FOOTPRINT: 28,430 SF 30' 27' 60' 170' RETAIL 2 FOOTPRINT: 14,600 SF 140' 52' 60' RETAIL 3 FOOTPRINT: 10,196 SF 15' VICINITY MAP : (N.T.S.) 27' DETENTION BASIN 15' SITE This conceptual design is based upon a preliminary review of 1" =30' entitlement requirements and on unverified and possibly incomplete site and/or building information, and is intended merely to assist in exploring how the project might be developed NORTH scheme: 4 Bressi Ranch SDG SHEET Gateway Rd, Carlsbad, CA 1 10 Bressi Ranch San Diego, CA

11 28' - 0" 28' - 0" 97' - 3" 5' - 0" LANDSCAPE SET BACK 5' - 0" 28' - 0" 67' - 6" 35' - 0" Bressi Ranch San Diego, CA Site plan - Senior Housing DIRECTIONAL SIGNAGE TRASH ENCLOSURE GENERATOR 50' - 7" LANDSCAPE SET BACK 35' - 0" LANSCAPE SET BACK 28' - 0" 28' - 0" COURTYARD COURTYARD PALOMAR AIPORT RD. GATEWAY ROAD 3-STORY ASSITED LIVING 124' - 9" 111' - 6" DROP OFF 35' - 0" LANDSCAPE SET BACK MONUMENT SIGN JLL 11

12 The Location 12 Bressi Ranch San Diego, CA

13 Bressi Ranch San Diego, CA The Location Carlsbad, San Diego The City of Carlsbad is a scenic coastal community of 110,000 residents located approximately 35 miles north of Downtown San Diego and 54 miles south of John Wayne Airport in Orange County. Carlsbad is in the heart of the North County region of San Diego and encompasses over 42 square miles with 7 miles of pristine California beaches and coastal lagoons. San Diego County is the second largest County in California with over 3.7 million residents and Carlsbad is the 5th largest city based on population in San Diego County. With its strategic location, Carlsbad serves as the gateway between the major employment centers of San Diego, Orange County and the greater Los Angeles area. Carlsbad epitomizes the southern California lifestyle. An active and affluent community, it is graced with a great climate, beautiful beaches and lagoons, and abundant natural open space. Carlsbad s commitment to preserving its heritage and culture is evidenced by it setting aside nearly 40% of its city for open space. It boasts 45 miles of hiking trails, five 18-hole golf courses and 25 parks, including beach side camping at Carlsbad State Beach. Carlsbad s unique gifts have created a marriage of its charming village atmosphere to create the ideal California experience where its residents live, work and play. Many companies have chosen to make Carlsbad their corporate headquarters. Carlsbad has a diversified economy driven by life science, action sports, information and communication as well as hospitality and leisure. $153,000 Average household income within 1 mile 18% Population growth to rise by ,000 People within a 5 mile radius 3.5% San Diego County unemployment rate $800,000 Median home prices (2018) 32 Median age in Carlsbad JLL 13

14 Carlsbad overview 14 Bressi Ranch San Diego, CA

15 Bressi Ranch San Diego, CA Carlsbad Overview LIFE SCIENCE Life science is a dominate force in Carlsbad. This industry includes biotech, medical device, diagnostic and technology companies and institutes. Nearly 24% of all Carlsbad jobs are in the Life Science sector. Notable employers include Thermo Fisher, Genoptix, OptumRx and Isis Pharmaceuticals. ACTION SPORTS Carlsbad is a leader in action sports manufacturing with more than half of all San Diego County action sports manufacturers based in this submarket, employing nearly 2,800 people. Notable employers include Callaway Golf, TaylorMade/Adidas, Acushnet/Titleist, Cobra Golf, Reef, Prana and Spy Optics. INFORMATION & COMMUNICATION 13% of all Information and Communications jobs in San Diego County are located in Carlsbad. The top three largest employers within this industry in Carlsbad are ViaSat, NTN Buzztime and MaxLinear. HOSPITALITY & LEISURE Carlsbad attracts over 2.7 million visitors per year and the Hospitality and Leisure sector employs more than 11,000. Carlsbad is home to world-class resorts including Omni La Costa Resort & Spa, Park Hyatt Aviara Resort and Golf Club, Sheraton Carlsbad Resort and Spa and the Hilton Oceanfront Resort & Spa. Two of San Diego County s top five golf courses, La Costa and Aviara, are located in Carlsbad and both have hosted PGA and LPGA tournaments. In addition to its top-notch golf courses and beaches, major tourist attractions in Carlsbad include LEGOLAND, the Flower Fields and destination retail. Carlsbad has many shopping options including quaint shops in the village, Rouse Properties The Shoppes at Carlsbad regional mall, Simon s Carlsbad Premium Outlets and the Forum lifestyle shopping center. JLL 15

16 Contact information EXCLUSIVE ADVISORS DEBT AND FINANCE Bob Prendergast Chris Casey CA RE License # CA RE License # MANAGING DIRECTOR MANAGING DIRECTOR Lynn LaChapelle Reid McGlamery CA RE License # CA RE License # MANAGING DIRECTOR EXECUTIVE VICE PRESIDENT Sach Kirpalani VICE PRESIDENT CA RE License # University Center Lane San Diego, CA Copyright Jones Lang LaSalle IP, Inc This publication is the sole property of Jones Lang LaSalle and must not be copied, reproduced or transmitted in any form or by any means, either in whole or in part, without the prior written consent of Jones Lang LaSalle. The information contained in this publication has been obtained from sources generally regarded to be reliable. However, no representation is made, or warranty given, in respect of the accuracy of this information. We would like to be informed of any inaccuracies so that we may correct them. Jones Lang LaSalle does not accept any liability in negligence or otherwise for any loss or damage suffered by any party resulting from reliance on this publication. Jones Lang LaSalle Americas, Inc., California license # Jones Lang LaSalle Americas, Inc. License # Bressi Ranch San Diego, CA