Parkway Business Center Partners has paid $25 million for a 460-acre industrial tract in Poway, completing what real estate industry observers on Thursday described as one of the largest commercial land transactions in San Diego County.
The $25-million sales price “is a real big number,” said one real estate broker who was not involved in the transaction. “It might be the biggest ever.”
ADI Properties is the managing general partner of Parkway Business Center Partners. Several executives at John Burnham & Co. are among the general partners.
The partnership expects to have the land ready for industrial development by 1991, according to Rex Brown, senior vice president and project manager. The land is east of Pomerado Road, next to the Pomerado Business Park.
Parkway Business Center Partners plans to develop a third of the parcel. Another third will be set aside for build-to-suit projects and the rest will be developed by other outfits.