Moving Company Takes North County Space

POWAY, CA-In another illustration of the record absorption of finished North County industrial space, moving company North American Van Lines has signed a seven-year lease for 176,279 sf in a business park owned by Legacy Partners.

The property, located at 14005 Kirkham Way in the Legacy Stowe Business Centre, was leased from Legacy Partners for $8.92 million. North American plans to occupy the space on Feb. 1 and will be consolidating operations from three Miramar properties into the center.

The new space will be used for storage and distribution. North American Van Lines was represented by Steve Rosetta of Cushman & Wakefield. The property was leased from Legacy Partners LLC, with Gary Katz as portfolio manager. Dennis Visser, Matt Kelly and Dave Smith of Business Real Estate Brokerage Co. represented Legacy Partners.

Record levels of construction are under way to meet the sharp demand for both industrial and office space in the county. Poway is particularly popular among industrial tenants, brokers say.

“There is substantial pre-leasing of space under construction, and there is still a long list of companies requiring new space,” says Robert Freund, VP and director of investment services for Colliers International. “Scarcity of vacant, entitled land and restrained capital availability means construction is still lagging demand in several markets.”