Hines’ San Diego Park Reaches Full Occupancy
The tenant doubled its footprint at the property.
Foxx Development Inc. has signed a 102,099-square-foot, full-building expansion at Britannia Technology Park, a 203,244-square-foot industrial campus in San Diego’s Otay Mesa submarket. Hines owns the two-building property through its Hines U.S. Property Partners investment fund. Cushman & Wakefield represented the landlord.
Foxx initially committed to the 101,145-square-foot warehouse at 7222 Airway Road in mid-2024. The new deal, involving the facility at 7498 Colchester Court, doubled the tenant’s footprint at the campus, which became fully leased.
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Britannia Technology Park comprises two facilities that were part of the 52-acre Brown Field Technology Park. Hines picked up the assets in late 2023 for $60.9 million from developer Murphy Development Co., according to CommercialEdge.
Completed in 2023, the buildings feature 32- to 34-foot clear heights, heavy power and office build-out components. Additionally, the campus includes rooftop solar capacity, a fenced yard area, outdoor patio spaces, EV charging stations, skylights and a total of 328 vehicle parking spots.
The campus occupies almost 14 acres near State Route 905, interstates 5 and 805 and Brown Field Municipal Airport. The U.S.-Mexico border is neighboring the property, while San Diego International Airport is 21 miles away.
Cushman & Wakefield Vice Chairman Brant Aberg negotiated on behalf of the landlord.
San Diego industrial leasing slows down
San Diego’s industrial vacancy rate reached 6.5 percent during the fourth quarter of last year, up by 50 basis points over the quarter, according to a Cushman & Wakefield report. The was the highest rate recorded in the market since the third quarter of 2014.
New leasing deals totaled 665,000 square feet during the last quarter of 2024, down 46 percent quarter-over-quarter. However, the leasing volume for the full year new deals increased by 8 percent when compared to 2023.
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