Carlsbad CA— A 109,807-square-foot (sf) FedEx shipping facility located in Carlsbad, California has sold for $24.5 million. Berdan Holdings, LLC acquired the single-tenant industrial asset located at 2495 Faraday Ave. from Leonard Living Trust. Aric Starck of Cushman & Wakefield’s San Diego office represented the seller and Ron Jacobson of SD Realty Partners represented the buyer.
Built in 1999, the asset consists of a single-story industrial property situated on 7.96 acres in San Diego’s desired North County market. The facility is fully leased on a net lease basis to FedEx, which is a longtime tenant of the property. The facility is located within a few blocks of El Camino Real, and is convenient to Interstate 5 and Highway 78 (which provides a direct and proximate route to Interstate 15). Other key property features include 32-feet clear height, 10,900 sf of office space, and nine dock and nine grade level doors.
Mr. Starck said, “Industrial demand remains strong in San Diego County while Carlsbad remains one of the region’s most sought after and top-performing submarkets in terms of growth. As such, both investors and developers have remained drawn to Carlsbad. A well located, good quality fully leased asset with a great long-term credit tenant in FedEx, 2495 Faraday represents an ideal, stable investment for a buyer.”
According to Cushman & Wakefield’s third quarter 2017 market report, San Diego’s industrial sector remains robust and very healthy, experiencing lofty occupancy growth in 2017 with over 700,000 sf of net absorption through September. Overall countywide industrial vacancy stood at 4.8% in the third quarter, its lowest level the firm has ever tracked on record or over a 15 year-period. The submarket of Carlsbad has been the prime focal area for new development with 40% of the county’s new construction activity according to the report.
Mr. Starck noted, “Carlsbad continues to see the strongest level of construction activity in the region due to its proximate location to a large skilled employee base as well as its availability of developable land.”