Vista CA— CBRE has announced the sale of 41,944 square-foot industrial property in San Diego County to a national avocado distributor for $7.8 Million.
Roger Carlson, Adam Molnar, and Greg Lewis represented the seller, Vista Carlsbad, LLC, a private southern California-based investor, in the transaction. The buyer, Del Rey Avocado Company, was represented by CBRE’s Robert Gunness.
Del Rey Avocado is a family run business based in Fallbrook, CA. The company, in operation since 1969, packs California avocados from San Diego to San Luis Obispo.
Located 1390 Engineer Street, the freestanding industrial building located in the North County Industrial Park consists of 3.5 acres, with the ability for outdoor storage. The property had previously been used as a child entertainment center. Featuring a modern design, the building includes above-standard clear heights of 24’ to 28’, nine grade doors, four dock doors, and high-quality truck loading/circulation. The site is in proximity to the 78, I-5, and I-15 freeways.
“Low vacancy and limited supply of buildings with this amount of excess outdoor space created high demand for this property,” said Carlson.
The San Diego industrial market has been in high demand and closed 2018 with only a slight bump in an otherwise overwhelmingly positive year, with year-to-date net absorption more than one million square-feet in the positive, according to CBRE research. Leasing activity reached 12.9 million square-feet for the year, exceeding the volume reached in 2017.
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