Rare asset acquired by Publicly Traded REIT
Carlsbad CA— Cushman & Wakefield has announced the firm has brokered the sale of a 7.5-acre eCommerce parking facility in Carlsbad (San Diego), California. The property is fully leased to a global credit tenant. The asset was acquired by a Publicly Traded REIT. The seller was San Diego-based Meridian Properties.
Jeff Cole, Jeff Chiate, Bryce Aberg, Ed Hernandez, Mike Adey and Zach Harman with Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller in the disposition.
“Serving as a critical parking facility for the tenant, this was a best-in-class eCommerce investment opportunity optimally located near major freeways and positioned in one of San Diego’s premier industrial submarkets,” said Bryce Aberg, Executive Managing Director. “As eCommerce has gained significant momentum in recent years, available sites in the region have become extremely scarce. As a result, land values have doubled in San Diego County since 2015 and continue to trend upward.”
The property is part of a 600-acre master-planned development in North San Diego County that features numerous regional, national and international occupiers. Situated at the corner of El Fuerte St and Faraday Ave it is conveniently located near the Interstate 5 and State Route 78 freeways providing accessibility across Southern California. It is also within a few minutes of the McClellan-Palomar Airport.
Vice Chairman Jeff Cole said, “This was a unique and appealing asset as it provides the buyer with stable income for the foreseeable future from the existing credit eCommerce tenant, a sector that continues to draw strong interest from investors—we garnered considerable buyer interest for this property. Furthermore, as an undeveloped land site may also present an owner with alternative use options in the longer-term in a very strategic location in San Diego, a market having high barriers to entry.”