Voit Unveils 488,000-SF Business Park

SAN BERNARDINO, CA-Voit Development Co. plans a 488,000-sf business park on a 31-acre parcel that the development company has acquired here recently. The Voit project will include industrial space and office/R&D buildings, according to James Camp, SVP of acquisition and development for the company.The development site is at 1335 Waterman Ave., next to the Tri-City Corporate Center, a major office and retail hub that is close to the 215 and 10 freeways. The property formerly was the site of the Meadowbrook Dairy, which closed several years ago, and Voit bought the site from two individual owners.Chris Cussen of Voit Development Co., who will be the project manager, expects that the buildings will be ready for occupancy in 2007. Plans call for buildings that will range from 5,000 sf to 60,000 sf and will be offered for sale and for lease, with Voit also open to lot sales or build-to-suits that could accommodate larger users or tenants.Camp says the project is a response to what Voit sees as a rising need for small to medium-sized industrial and office/R&D buildings for owner-users. Voit reached an agreement to purchase the property 15 months ago, he notes.Voit was represented in the land purchase by Kent Hindes and Greg Walsh of Cushman and Wakefield's Ontario office, who are also the listing agents for the project. The two individual investors who sold the land represented themselves.The Inland Empire industrial and office markets have both remained among the tightest in the region and the nation for some time. Recent market reports have showed the industrial vacancy rate at around 3% and the office vacancy rate between 7% and 8%, without much sublease space on top of the direct vacancy in either market.