Sale and Lease of San Diego Industrial Asset
Cushman & Wakefield has represented private equity firm Stockbridge in the disposition of a 202,844 SF multi-functional industrial asset located at 1 Viper Way in Vista, San Diego, California.
The buyer of the property was RPG, one of the most innovative developers in San Diego County, which acquired the asset for US $26.1 million. The North County facility was fully vacant at the time of sale.
Aric Starck, Bill Cavanagh and Drew Dodds from Cushman & Wakefield represented Stockbridge in the transaction, with the company also hired by RPG to undertake project leasing.
RPG plans to redevelop the property, repositioning the industrial manufacturing facility to a core industrial buildout, by expanding the warehouse area, removing mezzanine and adding extensive dock and grade level doors to the front of the building. The new buildout will be conducive to e-commerce and distribution-center uses in addition to manufacturing. The newly repositioned best-in-class industrial facility will feature efficient cross dock loading, 28’ clear heights, an ESFR sprinkler system and minimal office.
“1 Viper provided one of San Diego’s largest lease-up opportunities and was a rare and versatile opportunity enabling the ability to execute multiple lease-up strategies, including either as a single or multi-tenant facility,” comments Starck who serves as Vice Chairman of Cushman & Wakefield’s Capital Markets Group. “The reposition opportunity uniquely positions 1 Viper to capitalize on the unmet demand for distribution and last mile requirements in San Diego with superior loading capabilities and great clear heights while also providing a significant discount to reproduction cost.”
Managing director, Cavanagh, adds: “RPG’s renovations will provide an exceptional, modern location for industrial occupants in San Diego, a market that maintains very healthy fundamentals with countywide industrial vacancy remaining below 5% the past five plus years.”
Situated on an abundant, 11.7 acre parcel of land, 1 Viper is located in the Vista Business Park, North San Diego’s densest industrial cluster. The location offers close proximity to Highway 78 and provides direct access to Interstates 5 and 15.