Subdivision of Promontory Business Park

Carlsbad, California

In 2003, Pac Starr identified the early and positive trend for office and industrial owner/user demand. Pac Starr sought to unlock hidden and higher value by converting the Park to a planned industrial development (PID) in order to sell or lease individual buildings as an alternate exit strategy.

In January 2004, the City of Carlsbad unanimously approved a tentative tract map for a subdivision of the six-building, 80,820 square foot industrial/R&D business park known as Promontory Business Park.

The final tract map was submitted and approved in July of 2004, converting the business park into six individual free-standing, for-sale buildings. The buildings ranged in size from 9,418 to 16,672 square feet.

With high interest from owner-users, sales began immediately. The first two buildings closed escrow by November 2004. Three more sales followed within the first four months of 2005 with the final and largest building sale being completed in early 2006.