SAN DIEGO, Calif., October 29, 2019 – Cushman & Wakefield announced today that ZTelco, a fast-growing phone and internet service provider, has acquired a freestanding 8,772-square-foot building in Poway (San Diego), California for its new headquarters.
The property at 12585 Kirkham Rd. sold for $2 million and will make way for ZTelco’s new office space, a new warehouse, and house a static microwave receiver tower capable of delivering fiber internet speeds to businesses and large residential facilities within line-of-sight.
Gregory Hooker and Brant Aberg of Cushman & Wakefield represented ZTelco. The seller was an engineering firm represented by Weston Yahn of Cushman & Wakefield and Connor Wieck of Voit Real Estate Services.
“This is a very well-maintained industrial facility providing a great working environment in the heart of Poway’s business district, that will both accommodate ZTelco’s own growth needs in San Diego, while fulfilling their goal of bringing wireless fiber connectivity to Poway’s business district,” said Gregory Hooker. “Relocating from another facility in Kearny Mesa, ZTelco plans to expand operations in Poway in November 2019 and expect their headquarters move to be completed before 2020.”
The acquisition, according to ZTelco President, Jacob Hansen, will help to further enhance the company’s mission in providing the next generation of internet connectivity to San Diego communities, including Poway. For complete details on ZTelco’s fiber connectivity plans and impact, view their press release here.
Brant Aberg added, “With San Diego’s industrial market fundamentals still on solid ground, we continue to see demand—from both users and investors—for well located, quality industrial product in our market. According to our market reports, Poway is one of the tightest industrial areas countywide, with overall vacancy at just 1.1%, while also ranking among the top growth submarkets year to date. The Central County region is also performing well overall with good growth figures through the first three quarters of 2019.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.