Rockefeller Group Development Corp. (RGDC) recently acquired Seagate Corporate Center, a huge industrial and office complex under construction in Oceanside, Calif.
The value of the transaction was not disclosed.
Located on Rancho Del Oro Drive, Seagate Corporate Center encompasses 26.5 acres and will be comprised of 12 industrial buildings and four office buildings totaling 376,685 rentable square feet upon completion in 2009.
The construction of Seagate Corporate Center consists of two phases: phase 1, currently under construction, totals more than 205,000 rentable square feet on 13.5 acres; phase 2, still undeveloped, comprises 13 more acres, including 171,000 rentable square feet.
“We believe strongly in the success of Seagate Corporate Center, as population and employment growth forecasts continue to be favorable, particularly in the North County region, where Seagate Corporate Center is located,” said Tom McCormick, senior vice president of development for Rockefeller. “The San Diego industrial market is incredibly difficult to break into because developers realize how valuable San Diego’s diversified employment base is. From companies specializing in wireless communications, biotechnology, medical device manufacturing, computer software, and other industries, San Diego County has become extremely economically diverse.”
New York City-based RGDC is a national owner, developer and manager of commercial real estate properties.