San Diego CA— Cushman & Wakefield announced on Wednesday that Newport Beach-based BKM Capital Partners, an institutional fund manager with a niche focus on value-add, multi-tenant light industrial investments, has acquired a multi-tenant industrial/flex portfolio totaling 99,187 square feet (sf) in San Diego, California. Encompassing four buildings in two projects in the Carlsbad and Sorrento Mesa submarkets, the portfolio sold for a combined $16.55 million. The seller was 3G Properties, LP.
Mark Avilla with Cushman & Wakefeld’s Private Capital Group together with Justin Halenza and Michael Mahoney also of Cushman & Wakefield represented the seller in the transaction. Steve Hildebrand & Ian Bradley with Cushman & Wakefield also performed Financial Advisory. The sales team had marketed the two projects for sale both individually and collectively.
“This was an excellent opportunity for BKM to acquire a significant portfolio of well-maintained, well located and fully leased properties in two of Southern California’s fastest-growing submarkets,” said Avilla. He added, “Carlsbad, a market growth leader set in North County, and Sorrento Mesa, a premier tech market set in Central County, have undergone rapid expansion over the last few years and continue to be positioned for long-term commercial growth. Furthermore, both communities also offer strong demographics and residential growth.”
Located at 6352 and 6354 Corte Del Abeto in Carlsbad, Del Abeto Commerce Center was developed in 1986 and consists of 63,893-sf within two industrial/flex buildings on 5.78 acres. Key features include 18’ high bays and grade level roll up doors. Located in Sorrento Mesa, Waples Industrial Centre, developed in 1988, consists of 35,294 sf within two low-rise industrial/flex buildings on 1 acre.
“The portfolio was fully leased to 18 different tenants of diverse sizes and industries with staggering lease terms and the ability to push under market rents, which was all very appealing to investors,” said Halenza.