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7 Fully Leased Industrial Buildings Sold as Part of Big North County Portfolio

Business7 Fully Leased Industrial Buildings Sold as Part of Big North County Portfolio

San Diego Commercial real estate1205-1225 Park Center in Vista. Photo credit: Courtesy, Cushman & Wakefield

Seven industrial buildings comprising 614,020 square feet of manufacturing and distribution space have been sold in North County, according to real estate officials.

The portfolio includes a three-building distribution center in Vista plus four freestanding buildings in Carlsbad, Vista and San Marcos.

The assets were acquired by BentallGreenOak, a global real estate investment management adviser, according to Cushman & Wakefield, the broker of the sale.

Jeffrey Cole, Aric Starck, Jeff Chiate, Mike Adey, Ed Hernandez, and Drew Dodds, part of a Capital Markets team from Cushman & Wakefield, represented the unidentified seller in the transaction. The terms were not disclosed.

According to the firm, 11 tenants lease space ranging from 10,200 to 162,000 square feet in the buildings.

“This was a rare as well as prime opportunity for an investor to acquire a core industrial portfolio in San Diego’s North County, and that is well located and supported by a robust tenancy,” said Cole, Executive Vice Chairman of Cushman & Wakefield.

Cole added that the sale represented the second largest industrial portfolio to be made available in the area in the last 10 years.

Positioned within a five-mile radius, the properties include the Vista Distribution Center, located at 1205, 1211-1215 and 1225 Park Center Drive, along with the freestanding buildings located at 2710 Progress St. in Vista, 1880 Diamond St. and 120 Mata Way in San Marcos, and 2281 Las Palmas Drive in Carlsbad.

San Diego County’s overall industrial market is driven by demand from the e-commerce and warehousing, manufacturing, research and development, defense and life science sectors, Starck said.

“Over the previous five-year period, distribution demand has expanded greatly with the emergence of demand for e-commerce and last-mile locations that has resulted in unprecedented leasing velocity and overall fundamentals,” the Cushman vice chairman added.

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