With more than 2.1 million square feet of industrial construction under way and 2.7 million square feet in the planning stages, San Diego County is currently in the midst of an industrial boom.
Redevelopment of Class A business parks and industrial buildings into industrial condominiums to meet the demands of small business owners, is one of the major contributors to this market.
Voit Development Co., a commercial real estate development firm, is using this opportunity to reposition three industrial properties in Vista and Chula Vista. These projects, which are already experiencing strong user interest, are expected to play a vital role in meeting the growing demand for smaller, for-sale industrial product in the active San Diego Count market.
Century Industrial Center
In response to the strong demand for infill product in San Diego County, Voit recently purchased the 144,320-square-foot Century Industrial Center, which it plans to redevelop into for-sale industrial condominium units with flexible sizing to suit various buyers' specifications.
Located at 929-951 Poinsettia Ave. in Vista, the center consists of two large buildings and four smaller buildings, some with yards. The complex also features 5,000 square feet of existing office space with the option to expand.
The properties feature dock-high and grade-level loading. The front building, located at 929 Poinsettia, spans 52,800 square feet, while the middle building at 935 Poinsettia spans 44,460 square feet. The rear buildings total 46,880 square feet and vary in size from 5,280 to 23,600 square feet.
Site work for the project is currently nearing completion, with landscaping and painting projects currently in the works. The condo plan process is now underway and the center is already experiencing a high level of activity, with much from full building users.
Chula Vista Distribution Center
Voit redeveloped the Chula Vista Distribution Center, an 80,000-square-foot, dock-high industrial building located at 3451 Main St. in Chula Vista, into 11 for-sale industrial condominium units.
Chula Vista Distribution Center is centrally located approximately 1.5 miles from both Interstates 5 and 805. The available product is ideal for small owner/users who are warehousing and distributing goods to and from the Southern California and Arizona marketplace, as well as across the Mexico/U.S. border. The individual condominium units are approximately 7,600 square feet in size and have dock-high and grade-level loading capabilities.
Nine of the 11 units are already committed to four separate buyers and the remaining two units are available for sale or lease , but not expected to be for long. Most units will close escrow in October 2005.
Voit's final project, also in Chula Vista, is Anita Street. The 38,400-square-foot industrial building is located at 681 Anita St. and is currently being redeveloped into eight industrial condominiums approximately 4,800 square feet in size.
The units are currently available, with site renovations for the project currently under way. Twenty-five percent of the space will be occupied by tenants upon completion of the renovations.
With offices in Orange County and Los Angeles, Voit Development Co. recently expanded into the San Diego market last year. Since the opening of the San Diego office, Voit has already acquired four major industrial properties thus far, and continues to dominate the development market.
Voit Development Co. is part of The Voit Companies. Founded in 1971, The Voit Companies offers commercial brokerage, construction, acquisition, development, and project management services to individuals, corporations and institutions throughout California, Arizona and Nevada. The firm has developed more than 8.7 million square feet of space and has handled in excess of $10 billion in brokerage transactions and over $800 million in construction projects. The firm is headquartered in Woodland Hills, Calif.
Further information is available at www.voitco.com.