North San Diego Industrial Comeback
McDonald Property Group (MPG) is on the verge of developing La Pacifica II, a 275k SF property in Oceanside, on nearly 16 acres. According to MPG principal and founder Bruce McDonald, the market’s shown continual net absorption for more than two years now, so the demand’s there, but not supply—because there’s little buildable land. The La Pacifica II site’s one of the exceptions, he tells us, and the last industrial parcel over 10 acres. "This is the first spec industrial development in the market in six years,” he says.
This is the first project for MPG, formed last year by Bruce, a longtime Orange County industrial developer. The three-building development will be in the master-planned Ocean Ranch business park, home to Coca Cola, Titleist & Footjoy Worldwide, and Genentech, among others. First Industrial Realty Trust, which owns about 66M SF of industrial space nationwide, will take ownership of the project at completion. Ryan McClean, West Coast market leader, Larry Cochrun, director of development, and Jerry Devon, market leasing director, will lead the First Industrial Los Angeles team on this project, along with MPG.
