Why MPG is All In on Spec Development
McDonald Property Group is going with not just the first new speculative industrial development in San Diego since the recession, but with three new spec warehouses.
The project on 15 acres in Oceanside will range from a little over 63k SF to more than 108k SF. Called First Park @ Ocean Ranch, the $27.5M, 237k SF property is a JV with First Industrial Realty and is the first spec out of the gate in North San Diego County since 2008. “We think there's a huge opportunity,” says MPG's founder Bruce McDonald. We first told you about the project, which is expected to deliver by year's end, last year.
Bruce expects that much of the activity he'll see will be existing Oceanside tenants who simply want more modern space. “There's a lot of low hanging fruit to grab of the existing tenant base,” he says. The firm is targeting tenants between 25k and 50k SF, and Bruce expects the project to be mostly leased up within a year of completion.