BIOSITE BUYS 25.8 ACRES IN FENTON TECHNOLOGY PARK FOR $28,147,537
SAN DIEGO – Biosite Incorporated (Nasdaq:BSTE) has purchased 25.8 acres of land located at the southeast corner of Camino Santa Fe and Mira Mesa Blvd. in H.G. Fenton Company’s Fenton Technology Park for $28,147,537.
Biosite, a research-based company that is a leader in the drive to advance diagnosis of debilitating and life-threatening diseases, plans to move and expand its corporate headquarters to the site, which can accommodate up to 800,000 square feet of space.
Plans for our new facility are aligned with our long-term growth expectations,” said Kim Blickenstaff, Biosite president and chief executive officer. “The new headquarters will provide us with up to 800,000 square feet of space, which should meet our needs for at least the next ten years. Furthermore, we will be able to centralize our operations, which are currently spread out over seven buildings. Bringing all of our employees together into an organized campus will provide a better environment for our research development and manufacturing activities.”
Lynn LaChapelle, senior vice president with Burnham Real Estate Services represented Biosite in the transaction. The seller, H.G. Fenton Company, was represented by Mike Philbin, also a senior vice president with Burnham, as well as by Rick Sparks of CB Richard Ellis.
Fenton Technology Park is being developed by H.G. Fenton Company on a 130.9-acre parcel located midway between the 805 Freeway and Interstate 15, and between Mira Mesa Blvd. (to the north) and Miramar Rd. (to the south). It is central San Diego County’s newest – and one of the only – master-planned business parks to be developed in the foreseeable future. Ultimately, it will offer 1 million square feet of industrial, office and technology uses through phased development over several years. The proposed development will create as many as 5,000 new jobs as businesses locate in the park.
“With a limited supply of employment land remaining in the central area of San Diego County, H.G. Fenton Company’s conversion of this site into planned development will help meet near-term demand for buildable lots, build-to-suit and build-to-own facilities, and multi-tenant space,” said Mike Neal, H.G. Fenton Company’s president and chief executive officer. “It also dedicates 36 acres of land for permanent open space, and adds a vital linkage between Mira Mesa Blvd. and Miramar Rd. through the construction of a north-south extension of Camino Santa Fe which will open in early fall of this year.”
As planned, lots in Fenton Technology Park can be combined in several different configurations allowing sites from 1.8 to 25 acres. H.G. Fenton Company will also develop approximately 150,000 square feet of multi-tenant industrial space to meet the needs of small- to mid-size users.
“This will be the first multi-tenant space to be built in the Miramar/Sorrento Mesa area in at least 15 years,” said Neal. “All of our product is planned to offer flexibility so that a wide variety of users – including the biotech sector – have options that will meet their specialized requirements.”
H.G. Fenton Company brings a long and successful track record in the development of master-planned business communities in the San Diego County area. The company owns and manages an industrial portfolio totaling more than 2.6 million square feet including its 1-million-square-foot Mission Valley Heights business park.
Founded in 1906, the H.G. Fenton Company is one of San Diego’s largest private real estate owners and developers with several hundred acres of land, 2.6 million square feet of industrial, warehouse and office space, and 2,119 apartment units. H.G. Fenton Company is committed to strategically growing its income property portfolio through development for its own account as well as the acquisition of well-located existing properties throughout the county.
H.G. Fenton Company offices are located at 7588 Metropolitan Dr. in the company’s Mission Valley Heights project in San Diego.