TGS Management plans to redevelop a former university campus into warehouses at 1 and 3 Banting in Irvine, the largest office-to-warehouse conversion in the Spectrum area.
Orange County has a low industrial property vacancy rate of 2.8% in the fourth quarter, pushing developers towards such conversion projects.
Developers are focusing on industrial projects in Irvine, including office-to-warehouse conversions near John Wayne Airport, to meet rising demand.
TGS Management has been acquiring land in Irvine, with plans to build a large data processing center for its finance operations.
Iowa-based Principal Financial Services is also involved in office-to-industrial conversions, such as the one at Inwood Park.
#tgs-management #office-to-warehouse-conversions #real-estate-development #orange-county #industrial-properties
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