Brown Field Municipal Airport (SDM) in San Diego, California may soon have new state-of-the-art commercial and aviation facilities thanks to a joint venture between Industrial Realty Group, LLC (IRG) and Belzberg & Co. The joint venture company has a ground lease on the developable land at SDM and will purchase the existing Metropolitan Airpark leasehold.
“We have already discussed our preliminary plans with the city and the San Diego Airport Division,” President of IRG Stuart Lichter said. “We look forward to creating momentum on site and developing the commercial and industrial solutions needed to support the airport’s aggressive growth.”
The two companies have agreed to work together to develop the 331-acre project. The development will occur in phases over 20 years.
In the plans are a new FBO terminal building and individual airplane hangars. There is also talk of adding a million square feet of retail and industrial buildings and possibly a hotel.
“Belzberg & Co is pleased to have found a well-qualified partner in IRG to help take the next step for the development of Brown Field,” Managing Director of Belzberg & Co. Jason van Itallie said. “We remain committed to this important project and are eager to see the realization of a long-term goal.”
“The San Diego market is incredibly active,” Lichter said. “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. As a gateway for international trade, this project will provide economic benefits to the community and create sustainable jobs.”
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