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8/22/19
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A three-story, 35k sf office complex in Kearny Mesa has been demolished and replaced by a new, state-of-the-art industrial building. The new building replaces a 1980 vintage office building with tight parking that had been recently vacated by several full floor tenants.
The new 24.1k sf, freestanding structure is located at 8840 Complex Dr in the Central San Diego submarket of Kearny Mesa. The warehouse features 24’ clear height, dock and grade loading, ESFR sprinklers and heavy power (1,200 amps of 277/480 volt).
The property is adjacent to and has strong visibility from Clairemont Mesa Blvd, one of Central San Diego’s primary East-West thoroughfares. The site is also within one mile of three major San Diego freeways that connect Kearny Mesa to the rest of San Diego County: I-15, SR 163 and SR 52. Convoy St, one of San Diego’s most popular dining destinations, is also within one mile of the property.
Ryan Sparks and Bill Dolan of CBRE represented the landlord, Kearny Mesa Complex L.P., during pre-leasing.
“Central San Diego has been a traditionally stable industrial market, even through downturns. Kearny Mesa, specifically, boasts a 3.2% vacancy rate for low-finish warehouse product,” said Sparks. “As the building was being built and the market saw the high-quality product that was under construction, tenant interest drastically picked up. We had strong activity from various industries, including construction supply, medical device, aerospace/defense and showroom/retail users. The building pre-leased before it was completed and we received multiple offers, highlighting the strong demand for this type of product.”
Nine properties across four development projects delivered in Q2 2019, totaling 584.4k sf, of which 384.3k sf was vacant. according to a CBRE research report. More than 1.2 msf of leasing of warehouse properties generated a positive net absorption of 293.3k sf during the quarter. Continued demand and new deliveries kept both low-finish and high-finish asking rates to all-time highs.
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