Spec Industrial Facilities in Poway Prove a Success for Techbilt
- Sep 30, 2015
Between Los Angeles, the Inland Empire and San Diego, Southern California is a white hot industrial real estate environment right now. San Diego developer Techbilt Companies has picked up on that trend and it has completed the construction of two new facilities at its Poway Corporate Center. The new buildings are already fully under contract, proving an instant success in the market.
The two new assets are located at 11885 and 11895 Community Road in Poway, and are jointly adding more than 70,000 square feet of industrial space to the business campus. Techbilt has agreed terms with Best Buy and Grace Digital for the entire available space at the two buildings, capping off a successful construction process that began last year. According to the company’s President and CEO Ted Tchang, the two properties are the first industrial spec project to take shape in the I-15 Corridor in the last eight years.
The structure at 11885 Community Road offers 46,035 square feet of space, 18 dock high loading doors, two grade-level loading doors and 28’clear height. The facility will be fully occupied by Best Buy, following the completion of a lease worth around $3.17 million. The second building, located at 11895 Community Road, will be the site of Grace Digital’s expansion into Poway Corporate Center, where it already occupies 9,395 square feet. The newly-built facility offers 24,883 square feet of space, 26’clear height, two dock high loading doors and two grade-level loading doors. The asset was leased out for a total of $1.9 million. Colliers International San Diego Region is the exclusive listing brokerage firm for Poway Corporate Center and represented Techbilt in both lease transactions.
Given the success of the new buildings, Techbilt is already considering the construction of a new industrial facility totaling around 100,000 square feet of space. The new structure would occupy the final two lots of Phase Three. The Poway Corporate Center started construction in 1990 with Phase One, and has now reached more than 390,000 square feet of industrial and corporate headquarters space.