Vista CA— Cushman & Wakefield announced on Tuesaday, the sale of a core industrial facility located in Vista (San Diego), California for just over $24.7 million. Located 2710 Progress St., the 135,000-square-foot (sf) single-tenant facility is fully leased to longstanding tenant Captek Softgel International. The seller was 2710 Progress Street, LLC, which was represented in the transaction by Aric Starck and Barry Hendler with Cushman & Wakefield San Diego. The buyer, a leading global real estate investment firm, was self represented.
Starck, Executive Managing Director, said, “Core industrial assets remain white hot as many institutional investors have mandates for higher industrial allocations in their portfolios and are struggling to source quality assets. A highly attractive and rare investment opportunity, 2710 Progress is a best-in-class, core industrial facility in one of the top performing markets in the U.S. in San Diego, whose countywide industrial market is very healthy with direct vacancy at 4% with consistent rent growth annually.”
He added, “The property’s in-place NNN lease structure provides great long-term, stable cash flow, while the tenant’s own capital commitment suggests a very high renewal probability.”
Situated on 4.65 acres, 2710 Progress is an efficiently designed building consisting of office, lab, manufacturing and warehouse space. The building features a 28 foot clear-height, five shipping and receiving bays, a large truck court, and great truck ingress and egress.
According to Cushman & Wakefield’s most recent third quarter 2018 report, direct industrial vacancy in Vista was just 3.7%, with North County at 4.7% and countywide San Diego direct vacancy at 4.0%. Supported by strong growth in Vista and neighboring submarkets, North County has been the countywide market leader with over 880,000 sf of occupancy growth through the first three quarters of 2018, double the positive growth in Central County and nearly quadruple the growth of South County.