 PACIFIC COAST BUSINESS PARK
Location: Oceanside, CA
Acquired: Land in 2004
Site Size: Approx. 122 Acres (Suburban Infill)
Property Type: Industrial Land
Total Project Cost: $49.0 million
Equity Source: Monarch Partners’ Equity / Joint Venture with select partners
Debt Provider: Bank of America
Status: Sold February 2006
Total Sale Proceeds: $72.0 million (including Monarch commitment to complete budgeted infrastructure and grading improvements for Buyer) |
Highlights:
While the site was zoned for industrial use upon acquisition in 2004, the Monarch team and select joint venture partners undertook additional entitlement work, including processing the Environmental Impact Report, developing a comprehensive Master Plan, and obtaining Final Map approval. The project team worked closely with the City of Oceanside and local community groups to create an upscale industrial park and successfully obtained City Council approval to establish a Community Facilities District in order to issue bonds to assist with up-front public infrastructure costs.
Pacific Coast Business Park was sold in February 2006. Post-sale, the project team oversaw approximately $20 million in budgeted infrastructure costs. This included completing on-site improvements such as grading as well as off-site improvements coordinated with the City of Oceanside. Based on the Master Plan developed by the project team, at build-out Pacific Coast Business Park will offer approximately 1,200,000 sq. ft. covering a broad range of product types in the business market, from multi-tenant and small single-user buildings to larger manufacturing and warehouse uses.
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Realized Investments
