New Industrial Building in Valencia

Citing continued demand for industrial space in and around Valencia, Investment Development Services of Los Angeles broke ground on a $13-million, 206,000-square-foot speculative industrial building in the third phase of its 50-acre Vista Business Park in the 28000 block of Avenue Williams in Valencia. “The Valencia-area market continues to enjoy steady demand for large, single-tenant industrial buildings,” IDS managing director David Mgrublian said in an announcement. IDS cited an industrial space vacancy rate of approximately 4% in Valencia, well below the 10% vacancy rate that, experts say, warrants new construction. The new building was designed by Hill-Pinckert Architects of Newport Beach and is being built by Kendrick Construction of Commerce. It is scheduled for completion in early 2001.