Phoenix based ViaWest Group, in a joint-venture with Held Properties, from Los Angeles, CA, has acquired 5 acres of industrial land in Escondido, CA. Plans for the property are to develop an approximately 66,000 square foot Class A industrial building. This acquisition is the latest in ViaWest’s expansion into the San Diego commercial real estate market after their initial value-add investment of 53,500 square foot at 7440 Convoy Ct. in the Kearny Mesa submarket and subsequent joint-venture on 468,000 square foot of industrial and self-storage product in Chula Vista, CA.
The strategic decision to expand further into the San Diego market, according to Rodney C. Boden, Development Manager at ViaWest, “is based on the extremely tight market vacancy, rapid rental rates growth and, specific to Escondido, the lack of any new speculative industrial product in the submarket for more than a decade. ViaWest has a long history of partnership with Held Properties and is excited for this newest opportunity.” Robert Held, Held Properties, stated “We are very excited to work with ViaWest again developing a much-needed industrial property” adding, “Held Properties, teaming with ViaWest to develop Infill industrial development in Southern California has created the perfect partnership between California and Arizona developers.”
This infill, ground-up development of a light manufacturing/general industrial building will incorporate a 3,000 square foot fully built out office suite, along with a combination of dock-high and grade level doors. Optionality for two tenants is incorporated into the plans with structural design in place for an additional mezzanine of up to 3,000 square foot. This project will be built to Class A industrial standards with tilt-up concrete construction, 26’ warehouse clear height, and 5-10% office build out. Construction is planned to commence in 1Q 2023 with completion in 4Q 2024. “The Meyers Industrial Park project will deliver much needed Class A industrial space to the North County San Diego market. There is acute demand for new “best-in-class” industrial product close to the I-15 freeway and neighboring businesses” states Tucker Hohenstein with Colliers. With 30+years of experience in the San Diego market he is deeply familiar with the project and will be handling leasing for the project.