Legacy Commercial signed Qtron Inc. and North American Van Lines Inc. to deals in the four-building, 417,265-sf manufacturing/R&D park slated for completion next month. Qtron Inc. signed a 15-year lease valued at $40 million for two buildings totaling 198,507 sf at 14110 and 14118 Stowe Dr. Qtron will expand into the site from current quarters in the Miramar area and expects to nearly double its work force of 450 by the end of the year.
Foster City-based Legacy Partners also signed North American Van Lines Inc. to a seven-year lease, valued at $8.9 million, for 176,279 sf at 14005 Kirkham Road. North American Van Lines is also expanding at the site from current facilities in Miramar.
The signings "demonstrate the continued demand for high-quality manufacturing/R&D space in the San Diego market," says Gary Katz, portfolio VP for Legacy Partners Commercial.
Shaun Burnett of San Diego-based Irving Hughes Group represented Qtron Inc., while Steve Rosetta of the local office of Cushman & Wakefield represented North American Van Lines. Dennis Visser and Matt Kelly of Business Real Estate Brokerage Company represented Legacy Partners in both transactions.
The Poway area has experienced over one million sf of growth over each of the last three years, Kelly says.
"With lower-than-average vacancy rates and much of the land absorbed, speculative developments like Legacy Stowe Business Centre are experiencing significant pre-leasing prior to or during construction," Kelly says. "We think the rapid lease-up and strong rental rates will continue for the San Diego area through 2001."
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