Buyers Grab Kearny, Voit Industrial Buildings

TEMECULA, CA-Buyers have grabbed 11 of the 13 industrial condominiums at Kearny Real Estate’s Remington Business Park here as Phase I construction nears completion, and four of Voit’s 19 industrial buildings at Tustin Gateway are in plan even before construction has begun. Thanks to the pace of sales, which continue the torrid sales pace that has prevailed in the Southland in recent years, Los Angeles-based Kearny has broken ground on the second phase of the master-planned 127,063-sf business park in Temecula, says Kearny VP John Bragg Jr. The $14 million Remington Business Center occupies nine acres in the Westside Business Centre, adjacent to Winchester Road near Interstate 15. The 54,318-sf second phase is scheduled to be finished by the end of the year and will feature 24 units ranging in size from 3,900 sf to 6,900 sf. Each unit will include 500 to 700 sf of office build-out, fenced yards and 16-foot minimum clear height. Voit’s Tustin Gateway Business Park is a 265,000-sf development at Warner and Bell avenues, where two of the 19 buildings are in escrow and two others are out for signature on purchase agreements before the beginning of construction. The industrial buildings will range in size from 3,900 sf to 38,000 sf and are being marketed for sale or for lease. Although industrial buildings have been selling briskly throughout Southern California for several years, having buildings in escrow before construction is unusual, notes James V. Camp, Voit Development’s SVP of development and acquisitions. The Tustin project is being constructed on the site of the former 1-million-sf Steelcase facility. Voit Development renovated half of the Steelcase facility to create a 500,000-sf industrial building, which it sold to Bedrosians Tile and Marble. Voit then demolished the remaining half of the property, which is the site of Tustin Gateway Business Park. The project is being designed by Ware Malcomb, with Valley Commercial Contractors as the general contractor. Trent Walker and Jeff Mitchell of Voit Commercial Brokerage’s Irvine office are the sales and leasing agents.