Brown Discipline Tech Park I. Picture courtesy of Cushman & Wakefield
PCI Pharma Providers, a supplier of built-in pharmaceutical improvement providers, has signed a full-building lease with Hines Pursuits for a 105,475-square-foot industrial facility in San Diego. Cushman & Wakefield Vice Chairman Brant Aberg represented the owner.
Positioned at 7725 Otay Mesa Street, the warehouse is a part of Brown Discipline Tech Park I, a Class A industrial campus that additionally features a 124,233-square-foot constructing absolutely leased to Residence Depot, CommercialEdge knowledge exhibits. Hines acquired the 2 belongings in June, for a complete of $77.3 million.
The 2021-completed facility, proposed for LEED certification, options 32-foot clear heights, 277/480-volt energy, grade and dock-high loading doorways and ESFR sprinkler programs. The property additionally options concrete truck courts and greater than 220 parking areas.
The 6.3-acre property is a few 22 miles from downtown San Diego and three miles from Brown Discipline Municipal Airport, close to the intersection of state routes 195 and 125. The encompassing space is residence to firms akin to Amazon, FedEx, Costco and HJM Enterprises, amongst others.
San Diego’s industrial leasing exercise
Based on a Cushman & Wakefield report, leasing exercise totaled 766,300 sq. ft within the San Diego industrial market within the third quarter of 2022. The Otay Mesa submarket witnessed the biggest quantity of recent leases, including as much as 161,400 sq. ft.
Total occupancy throughout the county elevated by 236,000 sq. ft within the third quarter, marking the ninth consecutive quarter of occupancy good points because the starting of the COVID 19 pandemic. The common hire was up 15.6 p.c year-over-year on the finish of September.
Larger rents are the impact of serious demand in a sector through which the provision pipeline will not be instantly proportional with the wants for obtainable house. A CommercialEdge report exhibits that Southern California markets had among the highest will increase of in-place rents over the 12 months as of September, the Inland Empire main with 9.6 p.c. In the identical interval, the nationwide common grew by 5.8 p.c.
