Westport Properties to Develop 2 Near San Diego

The industrial properties are planned to come online in Otay Mesa and Oceanside.

Image by paulbr75 via Pixabay.com

Westport Properties is getting ready to develop two Class A, single-tenant industrial assets near San Diego. Completion of the facilities is expected the second and third quarter of 2023, respectively.

In Oceanside, Calif., Westport plans to break ground on a 50,000-square-foot industrial building in the third quarter of 2022. The developer paid $2.1 million for the three parcels that make up the 3-acre development site, according to San Diego County records. Kidder Mathews will be the leasing broker for the property on Vista Pacific Drive.

The second facility, a 46,000-square-foot industrial warehouse in Otay Mesa, Calif., is set to break ground on 2.5 acres in the fourth quarter. The property will come online on Marconi Drive, east of U.S. State Route 905 and southeast of State Route 125, close to the Otay Mesa Port of Entry. The developer acquired the site for $3.2 million with the assistance of CBRE, which will also be in charge of leasing.

Supporting the industrial pipeline

Westport currently has five developments totaling 450,000 square feet in the planning and approval stages, according to the company. CEO Charles Byerly said, in prepared remarks, that 2022 is shaping up to be the company’s busiest year for industrial activity to date.

As of February, nearly 4.8 million square feet of industrial space was under construction in the Bay Area, representing 1.7 percent of the total stock, according to a recent CommercialEdge report. When also adding planned projects, the value reached 4.1 percent of the market’s inventory.

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