San Diego CA— CBRE announced the sale of an industrial property in Miramar, San Diego to an undisclosed buyer for $15 million. CBRE will handle leasing duties on behalf of the new owner.
CBRE’s Bill Dolan and Ryan Sparks represented the seller, a partnership controlled by RAF Pacifica Group, an Encinitas, Calif.-based real estate development firm. The buyer was represented by an outside firm.
Located 6955 Consolidated Way, the 82,781 square-foot industrial building has heavy power, 22’ clear height, and dock high loading making it suitable for a wide variety of manufacturing, warehouse or distribution users. San Diego Gas & Electric has occupied the property for several decades but will be vacating at the end of November 2020.
“This transaction illustrates the strength of the San Diego industrial market,” said Dolan. “Despite the pandemic, investor demand is incredibly strong for well-located industrial assets, as demonstrated by investors’ willingness to take on the lease-up risk of acquiring a vacant property.”
Sparks added, “The buyer has been active in San Diego, having recently purchased industrial properties in both El Cajon and Vista. The firm’s recent investments in three different San Diego submarkets highlights the confidence surrounding the future of the San Diego industrial market overall.”
Net absorption in the San Diego industrial market in the third quarter of 2020 was the highest since the third quarter of 2018, reaching more than 1.2 million square-feet, according to a CBRE research report. Total vacancy fell 30 basis points (bps) to 5.1 percent and total availability fell 30 bps to 7.7 percent.