Portfolio includes Property in Carlsbad, Vista and San Marcos Sells for $170 Million
Cushman & Wakefield Represents Seller in Largest San Diego Sale in Last Decade
San Diego County CA— RAF Pacifica Group has successfully completed the disposition of a premier industrial portfolio totaling more than 1 million square feet of Class A assets in San Diego County, California for approximately $170 million. The buyer was undisclosed. The portfolio consists of 12 institutional-quality core industrial assets spread throughout the northern county cities of Carlsbad (3 projects), Vista (4 projects), San Marcos (3 projects), plus nearby Temecula (2 projects).
Aric Starck, Executive Managing Director with Cushman & Wakefield’s San Diego office, represented the seller in the transaction. The buyer was self-represented.
Mr. Starck said, “The RAF Portfolio is a dynamic collection of industrial assets strategically located throughout the region. Featuring the ideal combination of quality and efficiency, the portfolio incorporates a remarkable mix of existing core assets, fully renovated warehouse/distribution centers, as well as newly developed state-of-the-art projects. Each asset is strategically positioned in sought-after locations characterized by superior access to freeways, amenities, airports and residential communities.”
The portfolio sale totaled 1,038,132 square feet and included the following properties: dis·trib·ute—3261 & 3266 Lionshead Ave., Carlsbad; 3193 Lionshead Ave., Carlsbad; 2281 Las Palmas Dr., Carlsbad; gen·er·ate—1125 Joshua Way, Vista; 1385 Park Center Dr., Vista; 2641 and 2651 La Mirada Dr., Vista; 120 Mata Way, San Marcos; pro·duc·tion—195 Bosstick Blvd., 2946, 2950 & 2954 Norman Strasse Rd., San Marcos; 1880 Diamond St., San Marcos; 26201 Ynez Rd., Temecula; and 42259 Rio Nedo Rd., Temecula. Ideal for traditional manufacturing and distribution tenants, these assets are constructed with highly-efficient warehouse designs and loading capabilities, low office build-out percentages, expansive clear heights, and strategic layouts for effective parking, loading and truck traffic flow.
“As one of Southern California’s largest Class A industrial acquisition opportunities, the portfolio represented a rare opportunity to acquire a critical mass of industrial real estate in a region with unprecedented industrial demand, noted Mr. Starck. “It also represents the largest industrial or office sale in San Diego in the last decade.”
According to Cushman & Wakefield’s latest official market report, San Diego County posted a strong direct vacancy of just 4.1% as of midyear 2018, with North County direct industrial vacancy slightly higher at a very healthy 4.9%. Through midyear, San Diego County achieved over 720,700 sf of occupancy growth, with well over half (492,400 sf) of the growth alone stemming from the North County area.
Mr. Starck added, “North County’s diversified regional economy is fueled by a range of growing industries including e-commerce, software, life sciences and defense. An ecosystem rich with distinguished companies, a talented workforce and educational facilities provide a solid foundation for which the industrial market thrives. Unprecedented tenant demand in North County has generated tremendous occupancy growth since 2010.”
About RAF Pacifica Group
RAF Pacifica Group is one of the most innovative developers in San Diego County. Known for our state-of-the-art, Creative Industrial™, mixed-use and office facilities, we have over one million square feet of ground-up development underway over the next 18 months. Our team has successfully developed properties in other markets at similar points in their recovery cycles – notably Denver in the mid 1990’s; Santa Monica/West LA in 2000; and most recently Seattle/Portland and Southern California multi-family product.
Moving forward, RAF Pacifica Group’s strategy is to acquire and develop the highest quality, most functional mixed-use, industrial, and office assets in San Diego County. For more visit http://rafpacificagroup.com
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.