San Diego-based Badiee Development Inc. has purchased a 4.87-acre parcel in Escondido, with plans to build a new $13.5 million industrial park.

A statement from the private investment and development firm said Badiee purchased the land at 2005 Harmony Grove Road for $1.3 million, and is planning a two-building, 91,000-square-foot project called Escondido Victory Industrial Park.

Company officials said the project will be Escondido’s first new industrial development in more than a decade. “It is ideal timing for this project with current vacancy levels at 1.8 percent in Escondido and a lack of new industrial buildings in the development pipeline due to an extremely constrained land supply,” said John Couvillion, Badiee’s vice president of development.

The new industrial park is designed by Ware Malcomb and will accommodate one or two larger tenants. It will include a 26-foot clear height, grade-level and dock-high loading, mezzanine space and outdoor common areas.

Badiee plans to break ground in the late part of 2016’s fourth quarter. TFW Construction is the general contractor on the new project, and leasing will be handled by Tucker Hohenstein and Mike Erwin of Colliers International Group.

Badiee was formed in 2003 and currently has a development pipeline of 425,000 square feet in North County. The company previously announced plans for a new two-building, $21 million industrial campus in Carlsbad, following its recent purchase of two land parcels totaling 8.4 acres in the Carlsbad Oaks North Business Park.