A partnership of Ryan Cos. and DWS Group has broken ground on a 533,950-square-foot campus in San Diego, Calif. Vantage Point will be a two-building, Class A logistics facility in the Poway submarket.
Commercial real estate services firm Kidder Matthews, which has been tapped to lease the forthcoming asset, describes the industrial property as the largest speculative development of its kind to be built in San Diego County in the last 20 years. The building located at 14500 Kirkham Way will consist of 358,313 square feet and the one at 14400 Kirkham Way will encompass 175,637 square feet.
Vantage Point is set to feature 36-foot minimum clear heights, ESFR fire suppression system with K22 heads, up to 113 dock-high doors, 12 drive-in doors, 180-foot wide concrete truck court and 8-inch warehouse concrete slabs with 4,000 PSI and 4,000 amps of 277-480 volt power. Amenities at the property will include two large outdoor break areas, an indoor bike storage room and six electric vehicle charging stations.
A busy market
Last year, 2.8 million square feet of industrial space came online in the metro San Diego industrial market, according to a recent Marcus & Millichap investment report.
“Poway is one of the best performing industrial submarkets in all of San Diego County,” Kidder Matthews Vice President James Duncan Sr. told Commercial Property Executive. “The Poway industrial vacancy rate remains at an all-time low of 1.2 percent, leading to a severe shortage of available distribution buildings. As a result, Vantage Point is poised to capture a tremendous amount of pent up demand for quality warehouse space in central San Diego,” Duncan explained.
Earlier this month, RAF Pacifica Group secured $36 million in acquisition financing for four industrial properties in the North County submarket of San Diego. All properties in the portfolio are 100 percent occupied.