Remington Business Center
Kearny developed Remington Business Center within our Westside Business Centre land holdings in Temecula as a speculative project to capitalize on the region’s strong small business demand. Remington is a $15 million project, which consists of 127,063 sf in 24 industrial condominium units ranging from 3,915 to 6,860 sf. The project is the premier small industrial building business park in the Temecula Valley Market. All units are state-of- the-art and have fenced yards, approximately 500 sf office buildout, and 16′ minimum warehouse clearance.
Remington Business Center was developed over two phases. Kearny completed Phase I, 11 units totaling 72,745 sf, in July 2004. Phase II, 13 units totaling 54,318 sf, was completed in March 2005. Evidencing the strong demand for this premier business park, sell out was achieved in August 2005, just five months after completing construction, and more than 75% of the units were under contract prior to completion of both phases. The project forced Kearny to cope with volatile construction costs which increased approximately 10% from Phase I to Phase II. This was more than offset by a 10% increase in the average sale price of Phase II.