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10/03/18
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Pacific Southwest Mortgage has completed the demolition of an existing, three-story office building located at 8840 Complex Dr in San Diego’s Kearny Mesa submarket, to make way for a new, state-of-the-art industrial building. Pacific Southwest was the original developer of the site, back in the 1970s.
BYCOR General Contractors will commence grading and construction of the new industrial building in October 2018. The new, free-standing, 24.2k sf building is situated on a 1.54-acre parcel and will feature a secure fenced area.
The architect, Ware Malcomb, designed a flexible space that features the ability to provide a mix of roughly 20% office and 80% warehouse, or office, warehouse and/or manufacturing space. The building will feature multiple loading options, 24-foot clear height, full drive around access, ESFR Fire Sprinklers, and heavy power for the entire building. It is scheduled for completion in May 2019.
Bill Dolan and Ryan Sparks with CBRE are marketing the new space for Pacific Southwest Mortgage. According to Dolan, this is a significant project because it is the first time they’ve seen an office building be completely demolished and replaced with an industrial building.
“The office market is very competitive in Central San Diego, but we felt long term it was more beneficial for us to create a new industrial building than to upgrade the existing office building,” said John Mulvihill, President and CEO of Pacific Southwest Mortgage, Inc. “There is a strong demand for Class A industrial product and there is a lack of newer, high-quality product for industrial users, especially in Kearny Mesa.”
Ryan Sparks adds, “The industrial market is so incredibly tight, especially in Central San Diego. The strong demand from investors and owner/users have pushed values and lease rates to all-time highs. We have already received a significant amount of inquiries and interest from prospective tenants for this new building.”
Located in the central submarket of Kearny Mesa, the project is in proximity to numerous freeway access, restaurants and residential communities. Central San Diego had a strong second quarter with 304.9k sf of positive net absorption, according to CBRE Research. Year to date leasing activity was 4.6% higher year-over-year with 2.7 msf of activity so far in 2018.
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