Cushman & Wakefield represents owner in significant new lease expansion with lead tenant
SAN DIEGO, Calif. – August 21, 2024 – Cushman & Wakefield announced the firm has brokered a significant lease expansion at the newly built Britannia Tech Park in San Diego’s Otay Mesa submarket with new tenant Foxx Development, Inc., an Irvine-CA based company which delivers end-to-end solutions for telecommunication electronic devices, smart building, and IoT products.
Foxx Development, which is the project’s first tenant, recently committed to expanding into another 50,572 square feet of Class A industrial space, adding to its initial lease of 50,573 sf signed just last month. Expanding its footprint to scale its product manufacturing and distribution operation, Foxx will now occupy 100% of the building located at 7222 Airway Rd. for a total of 101,145 sf in the park.
Owned by Hines, a global real estate investment manager, under Hines U.S. Property Partners (“HUSPP” or the “Fund”), the firm’s flagship commingled U.S. core plus fund, Britannia Tech Park totals 203,244 sf of Class A space in two distribution/R&D/manufacturing buildings that were delivered in 2023. Hines/HUSPP had acquired the two-building project from the original developer following completion late last year.
Cushman & Wakefield’s Brant Aberg, SIOR, Vice Chair represented Hines in both leases with Foxx Development, Inc.
“We are thrilled to welcome Foxx Development as our lead tenant, and now in securing a full building in the project. The company’s transaction(s) and immediate expansion at the project is a prime example of the need and demand by occupiers for modern high-quality/Class A industrial space in San Diego,” said Brant Aberg.
“Britannia Tech Park is an exciting Class A facility strategically positioned in the desirable Otay Mesa submarket that can accommodate a variety of mid-to-large range users,” continued Aberg.
The Britannia Tech Park features modern functionality including 32’-34’ clear height, ample dock and grade loading, heavy power, EV charging, rooftop solar capability, fenced/secured yard potential, outdoor patio areas, and skylights.
Located at Airway Rd and Britannia Blvd, the property provides quick access to State Route 905 and is adjacent to the Brown Field Municipal Airport. The property is also in close proximity to the US/Mexico border.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more.
