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Badiee Development Finishes Carlsbad Innovate

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Carlsbad Innovate, a 50,150-square-foot, Class A adaptive flex industrial building

Badiee Development recently completed construction of Carlsbad Innovate, a 50,150-square-foot adaptive flex industrial building located in the Carlsbad Oaks North Business Park.

The project is just the beginning of at least 1 million square feet of development the firm has in the works.

The general contractor for Carlsbad Innovate was TFW. Smith Consulting Architects was the architect and Ware Malcomb was the interior designer of all the speculative suites in Carlsbad Innovate.

Colliers International's Conor Boyle, Ted Cuthbert and Tyler Stemley are handling the leasing for the project. They already have managed to lease 70 percent of the property at 2810 Caribou Court.

Approximately 15,558 square feet of space is currently available for lease.

Tenants at Carlsbad Innovate include Zense, an innovator in diabetic predictive health solutions. It was the first tenant to call Carlsbad Innovate home, leasing approximately 15,000 square feet.

Soon thereafter, an unidentified international conglomerate signed a lease for approximately 14,000 square feet to make Carlsbad Innovate its new North American headquarters.

Most recently, The Berg Group, a commercial drywall contractor with headquarters in Minnesota and offices in Arizona, California, Florida and Montana, signed on to occupy 6,650 square feet.

Badiee Development CEO Ben Badiee said Carlsbad Innovate is divided into seven speculative suites. The building is within the 600-acre Carlsbad Oaks North Business Park, which is largely built out save for a few parcels.

Badiee said Carlsbad Innovate is extremely energy efficient, has ocean views, and both Zense and the international conglomerate have the ability to expand their spaces.

"The conglomerate has a gym, yoga rooms, and showers for its own tenants," Badiee said.

Carlsbad Innovate offers leading-edge architectural layouts, energy-efficient lighting and appliances, polished concrete floors, and high-image creative office finishes with large-scale open spaces in a climate-controlled building, according to Badiee. The building's design allows for plenty of natural light throughout, including 14 glass grade-level roll-up doors. Tenants also can enjoy outdoor seating with panoramic hilltop and coastal views.

"Carlsbad Innovate's commanding location, contemporary finishes and adaptive flex design make it an attractive opportunity for companies who are looking for a high-image corporate headquarters space for a wide variety of business types," said Boyle, a Colliers vice president, in a statement. "From medical device and biotech companies to apparel, technology, manufacturing and general contractors, employers are seeing the value in a workplace that engages employees and makes them feel valued and connected."

Badiee is extremely busy. Across the street from the Carlsbad Innovate property, Badiee is a planning a 114,000-square-foot self-storage facility in conjunction with the Phoenix-based Wentworth development firm.

Badiee has two Otay Mesa industrial developments in the works as well. One of these projects is the Airway Logistics Center, a 247,480-square-foot development along Airway Road between Britannia Boulevard and La Media roads.

"That property is divisible to eight separate tenants," Badiee said.

The Airway Road project is slated to begin in February and is expected to take about eight months to build.

The other Otay Mesa project, which is expected to begin in May and also take about eight months to build, is the proposed 242,108-square-foot Sanyo Logistics Center off Sanyo Avenue. Neither project is far from where Amazon is building as much as 3.2 million square feet at the junction of Otay Mesa Road and Enrico Fermi Drive -- which is, by far, the county's largest ever industrial development.

In North Las Vegas, Badiee is developing a 167,106-square-foot industrial building that is anticipated to be delivered in the second quarter of 2021.

"That's near ProLogis' largest industrial facility, and should be complete in May of next year," Badiee said.

Additionally, Badiee is planning 125,000 square feet of flex space in the Salt Lake City market, among other projects in the works there.

"Those buildings are designed for R&D," he said.

Badiee said $150 million in developments are in his company's immediate future, and there are several others both here and elsewhere that are too early in the process to discuss.

Formed in 2003, Badiee Development, Inc. is a full service real estate development company specializing in the ground-up development of unique commercial and industrial projects throughout the Western U.S. Badiee's goal during the next two years is to acquire/develop opportunistic assets, with a focus on industrial assets.

"We are also looking at Qualified Opportunity Zones (QOZ) and long-entitlement projects," the company said.

Badiee and its senior management group have constructed several large industrial and office projects. Badiee vice president of construction Scott Merry has in excess of 30 years of real estate industry experience developing a variety of asset classes. The firm's CFO, Casey Gilley, has financed more than $800 million of development projects.

"Over the past three years, affiliates of Badiee Development Inc. have closed many transactions which generated excellent returns for its investors," Badiee stated. "Most recently, one of its projects was leased to Tesla Motors for a 55,000-square-foot sales and service center that was sold in 2019."

Badiee said he has so much going on that he is in the process of selecting a group of institutional investors to bankroll his developments.

thor_biberman@sdtranscript.com


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