Foxx Improvement Inc. has signed a 102,099-square-foot, full-building growth at Britannia Expertise Park, a 203,244-square-foot industrial campus in San Diego’s Otay Mesa submarket. Hines owns the two-building property by way of its Hines U.S. Property Companions funding fund. Cushman & Wakefield represented the owner.
Foxx initially dedicated to the 101,145-square-foot warehouse at 7222 Airway Street in mid-2024. The brand new deal, involving the power at 7498 Colchester Courtroom, doubled the tenant’s footprint on the campus, which turned totally leased.
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Britannia Expertise Park includes two services that have been a part of the 52-acre Brown Area Expertise Park. Hines picked up the belongings in late 2023 for $60.9 million from developer Murphy Improvement Co., in keeping with CommercialEdge.
Accomplished in 2023, the buildings function 32- to 34-foot clear heights, heavy energy and workplace build-out elements. Moreover, the campus consists of rooftop photo voltaic capability, a fenced yard space, outside patio areas, EV charging stations, skylights and a complete of 328 car parking spots.
The campus occupies nearly 14 acres close to State Route 905, interstates 5 and 805 and Brown Area Municipal Airport. The U.S.-Mexico border is neighboring the property, whereas San Diego Worldwide Airport is 21 miles away.
Cushman & Wakefield Vice Chairman Brant Aberg negotiated on behalf of the owner.
San Diego industrial leasing slows down
San Diego’s industrial emptiness fee reached 6.5 p.c in the course of the fourth quarter of final yr, up by 50 foundation factors over the quarter, in keeping with a Cushman & Wakefield report. The was the best fee recorded available in the market because the third quarter of 2014.
New leasing offers totaled 665,000 sq. ft over the past quarter of 2024, down 46 p.c quarter-over-quarter. Nevertheless, the leasing quantity for the complete yr new offers elevated by 8 p.c when in comparison with 2023.
