By SDCN Staff
San Diego, CA–Industrial Realty Group, LLC has received approval from the City of San Diego to become a joint venture partner with Belzberg and Company, a family-backed investment firm and controlling shareholder of Metropolitan Airpark, in the ground lease of developable land at Brown Field Municipal Airport.
The joint venture agreement will pave the way for the construction of state-of-the-art commercial and aviation facilities in San Diego.
“We have already discussed our preliminary plans with the city and the San Diego Airport Division. We look forward to creating momentum on site and developing the commercial and industrial solutions needed to support the airport’s aggressive growth,” said Stuart Lichter, President of Industrial Realty Group.
“Belzberg and Co is pleased to have found a well-qualified partner in IRG to help take the next step for the development of Brown Field. We remain committed to this important project and are eager to see the realization of a long-term goal,” said Jason van Itallie, Managing Director of Belzberg and Company.
Industrial Realty Group and Belzberg and Company will work in conjunction to develop the 331-acre project. The project is expected to be built in phases over 20 years and will include a new Fixed Base Operator terminal building and individual airplane hangars. Additional development could include more than a million square feet of retail and industrial buildings and possibly a hotel.
“The San Diego market is incredibly active. There is an immediate need for quality industrial space. This location is prime for tenants with air-related businesses or desiring to expand into the tight market,” said Lichter. “As a gateway for international trade, this project will provide economic benefits to the community and create sustainable jobs.”
Rob Hixson, Senior Vice President with CBRE is leading pre-leasing efforts.
