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 via 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 Highway in mid-2024. The brand new deal, involving the power at 7498 Colchester Court docket, doubled the tenant’s footprint on the campus, which grew to become totally leased.
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Britannia Expertise Park includes two services that had been a part of the 52-acre Brown Subject Expertise Park. Hines picked up the property in late 2023 for $60.9 million from developer Murphy Improvement Co., in line with CommercialEdge.
Accomplished in 2023, the buildings characteristic 32- to 34-foot clear heights, heavy energy and workplace build-out parts. 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 Subject 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 12 months, up by 50 foundation factors over the quarter, in line with a Cushman & Wakefield report. The was the very best fee recorded available in the market because the third quarter of 2014.
New leasing offers totaled 665,000 sq. toes over the last quarter of 2024, down 46 p.c quarter-over-quarter. Nevertheless, the leasing quantity for the complete 12 months new offers elevated by 8 p.c when in comparison with 2023.
