OCEANSIDE, Calif., April 19, 2005 - Stirling Enterprises, the master developer of Ocean Ranch Corporate Centre, a 400-acre master-planned business park in Oceanside, Calif. announced today the sale of a 12.26-acre parcel of land to Laguna Beach-Calif.-based K&G Banderas for more than $9.1 million. The parcel of land will be subdivided into six separate parcels for a mixed-use development totaling 111,000 square feet that will include a hotel, retail, medical office and general office. The value of the development upon completion is estimated at approximately $40 million.

David Onosko and Ron King of Coldwell Banker Commercial North County Properties in Carlsbad, Calif., represented Stirling Enterprises in the transaction. Lin Stinson of Stinson Property Group in Foothill Ranch, Calif. represented K&G Banderas.  

"The vision of Ocean Ranch Corporate Centre was to provide an optimum environment for the companies located there," said Dougall Agan, principal of Stirling Enterprises. "K&G will provide new amenities such as retail and a Marriott Hotel for the strong base of tenants located at the business park as well as the local community. Additionally, the company will provide new office and medical office options that will satisfy a growing demand for this type of product in the City of Oceanside."  

Development on the project will begin this summer and is anticipated to be completed the second quarter of 2007. David Onosko and Ron King of Coldwell Banker Commercial North County Properties are responsible for leasing of the project.  

"We are excited about the relationship we have established with Stirling Enterprises," said Bruce Kahl, principal of K&G Banderas.   "K&G Banderas has a strong track record of working with master planners to develop high-end, quality product and is pleased to be a part of the success of Ocean Ranch. We will bring our expertise in retail and office development to a project largely made up of state-of-the-art industrial product, further enhancing the project's overall attractiveness to users."    

Ocean Ranch Corporate Centre is San Diego County's most successful industrial park with high-profile tenants including Biogen Idec, Ashworth, OneSource and Coca-Cola. To date, more than $1 billion has been invested in the project, and upon final buildout, Ocean Ranch Corporate Centre will command more than 4.5 million square feet of facilities valued at approximately $2 billion.

Ocean Ranch is anticipated to generate more than $12 million in property taxes and in excess of $4 million in development impact fee revenue for the City of Oceanside. Upon final build-out Ocean Ranch will total an estimated 4.5 million square feet of facilities and generate between 4,100 to 8,000 direct jobs and approximately 12,000 ancillary jobs for an estimated total of 16,100 jobs for the City of Oceanside.

Ocean Ranch Corporate Centre is located in north San Diego County.   The project is four miles east of the I-5 Freeway, in close proximity to Highways 76 and 78, and is next to major roadways including El Camino Real and Oceanside Boulevard.