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Licensed as Real Estate Salespersons by the CA Bur of Real Estate. The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. ©2016 Voit Real Estate Services, Inc. All Rights Reserved. Real People. Real Solutions.® is a registered trademark of Voit Real Estate Services.
RANDY LACHANCE, SIORSenior Vice PresidentLic. #[email protected]
GLEN VOLK, SIORSenior Vice PresidentLic. #[email protected]
0%
20%
40%
60%
80%
100%
4th/152nd/15
98%
3rd/15
98% 97%
1st/16
98%
0%
20%
40%
60%
80%
100%
2nd/15
95%
3rd/15
94%
4th/15
94%
1st/16
93%
4747 Executive Dr., Suite 800San Diego, CA 92121858.453.0505858.408.3976 Fax
As a client of ours, we are happy to provide you with this useful information. For more detailed information, please feel free to give us a call.
MAJOR LEASE TRANSACTIONS9173 SKY PARK CT, a 26,036 square foot Flex building was leased by Solar Turbines for 60 months. The total consideration of this lease was approximately $2,406,000. This was a lease renewal.
7595 RAYTHEON ROAD, a 32,925 square foot free-standing industrial building was leased for 60 months by Galleher Flooring. The building is situated on a 2 acre lot with a large fenced yard. The total consideration of this lease was approximately $2,150,000. The Lessor and Lessee were represented by Randy LaChance and Glen Volk of Voit Real Estate Services.
5630 KEARNY MESA ROAD, a 14,170 square foot freeway visible showroom space was leased for 65 months by The Spa and Patio Store. The total consideration of this lease was approximately $958,000.
3821 CALLE FORTUNADA, a 4,825 square foot flex space was leased by Air Treatment Corporation for 87 months. The total consideration of this lease was approximately $600,000. The Lessor in this transaction was represented by Randy LaChance of Voit Real Estate Services.
7615 OTHELLO AVE, J&K, a 9,319 square foot industrial space was leased by Galasso's Bakery for 48 months. The total consideration of this lease was approximately $496,000.
8291 AERO PLACE, a 4,712 square foot flex space was leased for 37 months by Procrete Resources. The total consideration of this lease was approximately $216,000. The Lessor and Lessee in this transaction were represented by Randy LaChance of Voit Real Estate Services.
MAJOR SALE TRANSACTIONS 5469, 5471, 5473 KEARNY VILLA ROAD, a three building office project known as Seville Plaza sold for $19.11 million. The project totalled 139,623 square feet situated on 6.98 acres. This was a REO sale that sold to an investor.
3615 KEARNY VILLA ROAD, a 26,416 square foot, 2 story office building situated on a 1.3 acre lot sold for $ 3,895,000. The buyer will occupy the vacant space. The seller in this transaction was represented by Voit Real Estate Services.
5454 RUFFIN ROAD, a 71,862 square foot full two story, flex/office building situated on an acre lot sold for $7,025,000. The building had significant deferred maintenance. The buyer is an owner user that will fix up and occupy the property. The seller of this property was represented by Randy LaChance of Voit Real Estate Service.
8112-8122 ENGINEER ROAD, a 25,265 square foot industrial building on a .99 acre lot sold to an investor for $4.85 million. This was a sales leaseback with the seller agreeing to rent back the property after the close of escrow.
8575 AERO DRIVE, a 17,356 square foot industrial situated on 2.11 acres sold for $4.625 million. The seller will vacate the property shortly after the close of escrow.
4875-4879 VIEWRIDGE AVE., a 16,600 square foot flex building situated on a 2.28 acre lot sold for $3.15 million. The property sold as a leased investment to an investor. 7490 OPPORTUNITY ROAD, an 18,690 square foot, 2 story office building with covered parking sold for $2.15 million. The property was 25% leased at the time of sale. The price reflects a credit for $450,000 for deferred maintenance.
Absorption Report First Quarter
Net SF 1st Qtr
Net SF Year to Date Occupancy
R & D 47,568 47,568 93%
Industrial -22,506 -22,506 98%
KEARNY MESA AT A GLANCEResearch and Development
Industrial
Kearny Mesa QUARTERLY NEWSLETTER
ISSUE 115 First Quarter 2016
Licensed as Real Estate Salespersons by the CA Bur of Real Estate. The information contained herein has been obtained from sources we deem reliable. While we have no reason to doubt its accuracy, we do not guarantee it. ©2016 Voit Real Estate Services, Inc. All Rights Reserved. Real People. Real Solutions.® is a registered trademark of Voit Real Estate Services.
KEARNY MESA OUTLOOK
GLEN VOLK, SIORSenior Vice PresidentLic #[email protected]
2016 is starting where 2015 left off. We are still seeing steady tenant demand and do to the tightness in the market, strong rent growth. In the first quarter of 2016, the Kearny Mesa Industrial and Flex markets experienced 90,315 and 102,832 square feet of Gross absorption respectively. The industrial vacancy rate stands at a strong 98%, while the Flex market is also strong with 93%. There are limited buildings available for sale. The latest listings for sale to hit the market are asking all-time high prices. We will have to monitor this area to see if prices for buildings for sale can continue to climb.
Kearny Mesa Quarterly Newsletter | 1st Quarter 2016
4747 Executive Dr., Suite 800, San Diego, CA 92121 • 858.453.0505 • 858.408.3976 Fax • Lic #01333376 | www.voitco.com
RANDY LACHANCE, SIORSenior Vice PresidentLic #[email protected]
WE'RE GOING GREEN!We have been providing you with the San Diego County Investments newsletter for over 10 years, and we hope you find this information useful in understanding your property's value. In an effort to be more environmentally conscious, we would like to start providing you with this report electronically. If you are interested, please email the following information to [email protected]:
NAME | PROPERTY ADDRESS | EMAIL ADDRESS | PHONE NUMBER
