Voit Acquires Industrial Site for Redevelopment Project

CHULA VISTA, CA-The condo conversion market remains hot in the San Diego area—and not just for residential units. An increasing number of commercial properties are being snapped up and converted to condo units for small owner/users. The latest project is Voit Development Co.’s buy and reposition of a 38,400-sf industrial property in Chula Vista. The Woodland Hills-based firm—which also has Southern California offices in San Diego and Newport Beach—has plans to convert the property from a single user to eight 4,800-sf condo units. The company plans to complete the project and have it ready for occupancy at the end of the first quarter with units selling in the ballpark of $750,000, according to Peter Quinn, vice president of Voit’s San Diego office.Quinn tells Globest.com the surrounding industrial sector is extremely tight and that market forces make the condo-type projects extremely viable. He says 75% of the area’s businesses are made up of 10 employees or less and vacancies are in the 6%-7% range in Chula Vista and about half of that for space under 10,000 sf. “If users could find freestanding buildings that fit their needs, they’d be buying them,” Quinn says.Located at 681 Anita St. in Chula Vista, the site is near the 5 and 805 freeways and was once 100% occupied by a company that manufactures and designs baseball and golf caps. The company vacated in November, taking its operation first to Mexico, then to China, though it will keep a marketing and sales team in the Chula Vista area. Quinn says the property doesn’t cater to a specific niche and has garnered early interest from potential users ranging from churches to light manufacturers to medical supplies companies. Rob Miller and Michael Mossmer of Voit’s San Diego office represented Voit in the deal. Bruce Sanders, also of Voit’s San Diego office, represented the seller, Legendary Holdings Inc.The Anita St. project is Voit’s third industrial redevelopment since entering the San Diego market in 2004. The company is currently redeveloping two other sites: Amistad Industrial Center, which will include up to 50 for sale industrial condo units beginning at 1,000 sf and Chula Vista Distribution Center, which includes eleven 7,600-sf industrial condos.