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First Office to Industrial Conversion Underway in Kearny Mesa
Demolition of an existing office building has been completed in San Diego’s Kearny Mesa submarket, allowing a state-of-the-art 24,000-square-foot industrial building to be built. Pacific Southwest Mortgage, Inc., which developed the 1.54-acre site in the 1970’s, razed the three-story office building at 8840 Complex Dr.
Pacific Southwest Mortgage’s John Mulvihill notes the office market is competitive, “but we felt long term it was more beneficial for us to create a new industrial building than to upgrade the existing office building. There is a strong demand for Class A industrial product, and there is a lack of newer, high-quality product for industrial users, especially in Kearny Mesa.”
CBRE’s Bill Dolan, who along with Ryan Sparks, represents the landlord says, “This is a significant project because it is the first time we have seen an office building be completely demolished and replaced with an industrial building.”
Construction is slated to commence this month, with completion anticipated by May 2019.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Development


