for sale high finish flex showroom 4,375-8,750 sf › d2 › ojxuf3jzql2rj80cohetepss2...105 104 for...
TRANSCRIPT
105 104
FOR SALE - High Finish Flex Showroom
4,375-8,750 SF
CHRIS [email protected]. 949.280.6217Lic. 02055962
JAMES [email protected]
PROPERTY DETAILS
ADDRESS
SIZE (SF)
SALE PRICE
POWER
ROLL UP DOOR
PARKING
CLASS
% OFFICE
YEAR BUILT
CLEAR HT.
3513 MAIN ST CHULA VISTA, CA 919114,375-8,750 SF$1,159,000 - $2,318,750 ($265 PSF)200A/120-208V 3P (Per Suite)1 Per Suite 1.46/1,000 SFB25%2007
24’
OPEN TO BELOW
OPEN TO BELOW
SECOND FLOOR
FIRST FLOOR
Orange Ave Broadway
Main Street 3513 MAIN STREET
SAN DIEGO COUNTY
San Diego County is the south-westernmost county
in California. It occupies 4,526 square miles with approx-
imately 70 miles of coastline. Spaniards settled the San
Diego County area in 1769 through the founding of Mission
San Diego de Alcala (in Old Town San Diego) and Mission
San Luis Rey de Francia in 1798 (in Oceanside).
San Diego experienced a population boom during World
War II as the U.S. Pacific Fleet was relocated here from
Pearl Harbor. San Diego became a key base of operations
for the Marine Corp and the Navy. Bombers were manu-
factured here by Convair during the war. Since the end of
the war, throughout the cold war, and until present day, San
Diego has remained the base of operations of numerous
defense contractors that fuel one of the largest industrial
sectors of the local economy. Some of the largest defense
employers include General Dynamics/NASSCO, Northrop
Grumman, and SPAWAR.
At the end of the cold war in the early 1990s, San Diego
saw a significant reduction in the defense industry. This
included the BRAC closure of the Naval Training Center
(NTC) in Point Loma and the General Dynamics facility
west of SR-163 in Kearny Mesa. Both locations have since
been redeveloped into successful mixed-use projects. The
retraining and utilization of these high-skilled and high-tech
former defense workers during this period created a sub-
stantial workforce for companies in the communications,
software, computer and electronic manufacturing indus-
tries. The defense manufacturing sector still remains a large
proportion of the San Diego workforce, but the employ-
ment base has become more diversified.
San Diego County has the second largest biotech-nology sector in the country. Over 12.1 million square feet of wet lab space is concentrated primarily in Torrey Pines, Sorrento Mesa, Sorrento Valley, UTC, Carlsbad and Oceanside. This sector benefits with its close-ties with UCSD, The Scripps Research Institute (TSRI), The Salk Institute, and The Burnham Institute.San Diego has some of the finest climate in the coun-try with moderate temperatures in the mid-70s year- round.The temperate weather coupled with incredi-ble destination locations such as the San Diego Zoo and Zoo Safari Park, SeaWorld, Legoland, beautiful public beaches, and world class championship golf courses make San Diego a top tourist location.Transportation in San Diego County is concentrated around a highly accessible highway network includ-ing four interstate highways and numerous state highways. Interstates 5, 15, and 805 provide access to cities and communities in the north, central, and southern parts of the county while Interstate 8 con-nects central San Diego with the eastern most cities and communities in the county. San Diego Interna-tional Airport/Lindbergh Field is the primary airport serving business, tourist, and freight traffic.Addition-ally, Amtrak rail service connects San Diego with Los Angeles and coastal cities as far north as San Luis Obispo. Finally, light-rail services such as the Coaster (coastal cities), the Sprinter (north county cities), and the San Diego Trolley (Central San Diego and South Bay) provide daily mass transit options to workers, shoppers, and tourists.
CHULA VISTA
The City of Chula Vista is located at the center of one of the richest cultural, economic and environmentally diverse zones in the United States. It is the second-largest City in San Diego County with a pop-ulation of 268,000. Chula Vista boasts more than 52 square miles of coastal landscape, canyons, rolling hills, mountains, quality parks, and miles of trails. Chula Vista is a leader in conservation and renewable energy, has outstanding public schools, and has been named one of the top safest cities in the country.Chula Vista has made exceptional advances in preparing the City for business expansion and attraction, collaborating with Baja California officials, and creating an environment for economic growth and pros-perity. Civic leaders are not stopping there; amassing a large volume of commercial/industrial development lands, pursuing a progressive business and employment investment policy, and completing acquisi-tion of the 375-acre University Park and Innovation District site that will create even greater opportunities for your business in the future. The 535-acre Chula Vista Bayfront project will transform the area into a thriving residential and world-
class waterfront resort destination. The plan will establish thousands of new jobs, create new public parks, protect natural coastal resources, provide conference and visitor-serving amenities and build an important asset for the entire San Diego region. Miles of trails, coastline, mountains and open space beckon runners, hikers, cyclists, birders, and outdoors enthusiasts from the bay to lakes. Visit the bayfront with the Sweetwater Marsh National Wildlife Refuge and the Living Coast Discovery Center. The Chula Vista Marina & Yacht Club awaits kayakers and boaters. Cycle the Bayshore Bikeway and see more wonders on San Diego Bay. Shop-ping, dining, and entertainment abound with two major malls and a historic downtown district.
With more than 100 of the country’s top specialty stores, Otay Ranch Town Center is an exciting out-door shopping, dining and entertainment destina-tion. This urban, bustling, open-air center features a variety of amenities including a library, outdoor cafes, a pet-friendly setting and adjacent dog park, food pavilion, fireplace, and “popper” play fountain for children.Chula Vista Center in the downtown area boasts major retailers, dining, movie theaters, and more than 100 fine specialty shops. And, Third Avenue Village, billed as the cultural center of the city, features historic buildings, unique shops, a weekly farmers market, landmark restaurants, and seasonal outdoor music concerts.More than 60 well-maintained parks and sports fields are available for outdoor sports, recreation activities, and picnics. Tour the Chula Vista Elite Athlete Training Center and see America’s best athletes. Enjoy 32 acres of water wonder with rides, slides, exotic marine animals, and plenty of family fun at Aquatica, SeaWorld’s Waterpark. Or, hit the links on one of four challenging yet playable golf courses. From rock and roll to rap to reggae - world-class entertainers perform at the Mattress Firm Amphitheatre, San Diego County’s premiere outdoor music venue.Established neighborhoods, contemporary commu-nities, start-up firms, corporations, nationally recog-nized entertainment venues, the nation’s only warm weather athlete training center, an award winning nature center and a historic downtown all contrib-ute to Chula Vista’s attraction for both families and businesses.
UTC
LA JOLLA
PACIFIC BEACH
MISSIONVALLEY
POINT LOMA
CORONADO
IMPERIAL BEACH
CHULA VISTA
TIJUANA
HILLCREST
NORTHPARK
KEARNYMESA
CARMELVALLEY
DELMAR
MIRAMAR
SCRIPPSRANCH
ELCAJON
MIRAMESA
BONITA
OTAY MESA
NATIONALCITY
SANTEE
LA MESA
5
5
5
5
805
805
805
8
15
8
15
California
California
California
California
California
California
California
54
California
California
94
905
163
125
5252
56
94
SAN DIEGO INDUSTRIAL
South County continues to be the fastest growing industrial market in San
Diego county. Otay Mesa is one of few areas with industrial inexpensive land
available for purchase with finished pads selling at $15-$16 per square foot
to the dirt. Vacancy has continued to decline below 5.5 percent, pushing
developers to start their next project in the area. Murphy Development
recently delivered the final phase of their Siempre Viva Business park and
Kearny Real Estate Co. and Pacif ic Coast Capital Partners are f inishing
up entitlements and sitework for Phase 1 of the 311-acre Otay Crossings
Commerce Center, the largest industrial development in recent history.
Additionally, the County of San Diego purchased 55 acres of raw land in
South County near Brown Airfield. Companies continue to move to South
County with 212,000 square feet of positive net absorption for the quarter.
The San Diego industrial market continues proving to investors that it is
the most desirable asset class in San Diego. Fundamental metrics of the
county are overall very healthy, with vacancy up 10 basis points to 5.6
percent, along with an annual rent rental growth of 6.7 percent. Market rent
for the county has remained constant from last quarter, average $1.36 per
square foot. Net absorption for the quarter totaled in at -200,000 square
feet, which is largely due to the continual consolidation of Qualcomm
offices county-wide. Development and construction starts in the market
remained consistent with that of last years. This quarter, companies have
focused on construction starts in the booming South County market. A
100,000 square foot industrial building on Airway Road in Otay Mesa began
construction in August and is expected to deliver in June 2020. Inventory
for San Diego sits at 122 million square feet with an additional 1.3million
under construction.
DEMOGRAPHICS
San Diego is the second most populous county in California and ranks fifth in the nation with 3.34
million residents as of 2018. By 2020, the population is expected to grow by 4.5% to nearly 3.44 mil-
lion residents. Population grew by 8.0% from 2010 to 2018.
The median age of San Diego County residents is 35.5. Over the next 35 years, the median age is
slowly expected to increase to 38.9 by 2050. Minors under 18 years old account for 21.9% of the pop-
ulation while seniors 65 and older account for 14.0%.
ECONOMICS
San Diego’s economy is continuing to grow in almost every measure. More than 80 research institutes are located
in San Diego, from Scripps Research Institute to Salk Institute for Biological Studies, in addition to five universities.
This cluster of research in the Golden Triangle has created one of the strongest life science cores in the United
States.
San Diego is also home to more than 143,000 active duty and civilian military employees. And the defense industry
accounts for 22% of jobs in San Diego. The military ecosystem provides economic benefits and stability to the
region unmatched by any other sector and supports cutting edge innovation. It also contributes about 20% to
the gross regional product. The military presence is also why San Diego has one of the largest concentrations of
millennials in the country, accounting for 27% of the population.
In the past 12 months, San Diego has added 30,600 net non-farm jobs. That is an increase of 2.1% since last
September. Employment grew by 7,700 in Professional and Business Services, the largest sector gain in the past
year. More specifically, 6,600 jobs were added in the Professional, Scientific, & Technical Services sector. Trade,
Transportation and Utilities recorded the largest year-over-year drop, shedding 1,800 jobs. That brought the
unemployment rate down to 2.7% in September, dipping from August 3.4% rate.
Although the office market is performing well, a number of resident starts are falling behind what is required. The
cost of living and lack of affordable housing in San Diego has led to slowing population growth. It is now almost
half the rate of what it was earlier this cycle. Data indicates that residents are moving to more cost-friendly areas,
including Inland Empire, Phoenix, Las Vegas and Texas.
The tech economy in San Diego contributes almost $30 billion annually to the local economy, which is almost 15%
of San Diego’s GDP, and employs 140,000 people according to the San Diego Regional Economic Development
Corp. Those jobs pay an average of $132,000 compared with an average of $63,000 for jobs in the rest of the
economy. Furthermore, Scripps Health has five campuses across the metro and announced that it is spending
$2.6 billion on upgrades to its facilities, further bolstering San Diego as a destination for “medical tourism.” The
port, as well, supports more than 40,000 jobs in San Diego and drives more than $8 billion in economic activity.
600,000
500,000
400,000
300,000
200,000
100,000
0
(100,000)
4Q 2012 4Q 2016 4Q 2017
(200,000)
(300,000)
(400,000)
(500,000)
14%
12%
10%
8%
6%
4%
2%
0%4Q 20184Q 20144Q 2013 4Q 2015
Net Deliveries Net Absorption Vacancy Rate Annual Rate Growth Market Cap Rate
SQ
UA
RE
FE
ET
