Acquisition of San Diego Industrial Facility
An anonymous HNW investor has acquired a fully-leased 27,000 SF single-tenant industrial facility in Miramar (San Diego), California for US $7.5 million in a deal brokered by Cushman & Wakefield.
Bryce Aberg and Zach Harman from Cushman & Wakefield represented the former owners, Stos Partners, in negotiations over the sale of the asset – with their colleague, Brant Aberg, providing leasing advisory services.
Located at 8330 Arjons Drive, the facility is situated on an acre of land and positioned near Interstates 15 and 805, and the CA-163 freeway, providing convenient access to San Diego International Airport and the Port of San Diego.
C. J. Stos, MRED, Principal of Stos Partners comments: “We saw a great opportunity to acquire the asset last summer and then completed a full renovation to make the facility much more appealing and functional to a wide range of tenants.
“This strategy enabled us to then successfully fully lease the property to a San Diego-based manufacturer of sustainable design materials on a long-term basis, whereby stabilizing the asset to create value for a new investor to purchase the building.”
Bryce Aberg, Cushman & Wakefield Vice Chairman, added: “Given its still solid market fundamentals, we continue to see demand from investors from all over for high quality industrial product in San Diego, particularly those with credit tenancy.
“With a secure long-term tenant and a prime location in a preferred submarket, the renovated property now reflects a best-in-class asset in Central San Diego, one of the most difficult markets in San Diego to acquire or develop new buildings—the market is essentially built-out and land costs are significantly higher than in the secondary markets.”