The JV partnership plans to reposition the asset to cater to the needs of today’s tenants and the local San Diego community
Vista CA— RPG, a San Diego-based owner, operator, and developer of high-quality commercial real estate, in joint venture partnership with CenterSquare, a global investment manager has acquired 1 Viper Way in the North San Diego submarket of Vista, CA.
RPG is a dynamic real estate owner and operator who has a rich history within the San Diego market. To date, the firm has more than 4.8 million square feet in AUM totaling more than $900 million across San Diego.
“This acquisition is perfectly aligned with our niche approach to identifying, sourcing, repositioning, and developing exceptionally well-located, high-quality assets in the San Diego market, especially in North San Diego,” says Adam Robinson, Founder and President of RPG. “This property previously served as the headquarters for an automotive technology company for 20 years and is now currently vacant. This provides a significant opportunity for upside potential and allowed us to acquire the asset at a discount.”
RPG and CenterSquare plan to implement a comprehensive repositioning plan to modernize the property to appeal to a growing number of industrial tenants throughout the region.
“North San Diego has emerged as a hub of growth over the last several years as quality industrial users continue to migrate to the region,” says Robinson. “By updating the property and integrating features and amenities we know users are demanding, we can drive long-term demand for the property over time. In fact, our firm RPG is known throughout San Diego for our creative industrial properties and the unique value our assets bring to tenants and the community.”
Planned improvements to the property include adding nine new dock-high doors along with five new grade level doors. The JV partnership also plans to reduce the amount of office and mezzanine space to appeal to last mile industrial users.
“CenterSquare continues to have strong conviction in the growing value of ‘last-mile’ industrial properties for tenants and looks forward to meeting the strong demand from a broad spectrum of users in the e-commerce, manufacturing, and life sciences sectors in the San Diego market,” says Jeffrey Reder, Managing Director for CenterSquare Investment Management.
According to Aric Starck, Vice Chairman at Cushman & Wakefield, “1 Viper Way is well positioned to attract industrial demand in the county as one of the region’s largest lease-up opportunities, with 28’ clear heights, heavy power and exceptional dock loading with the ability to significantly expand dock and grade level loading.”
The property is located at 1 Viper Way in Vista, California. Aric Starck and Bill Cavanagh with Cushman & Wakefield represented Stockbridge, a private equity real estate investment management firm based in San Francisco, in the transaction.
RPG is a privately held, full-service commercial real estate investment firm that acquires, owns, and develops industrial, office, residential and mixed-use properties throughout Southern CA. The firm is spearheaded by Adam Robinson who has directed the firm’s acquisition and development of over 4mm SF and over $700 million in commercial properties.
With Adam Robinson at the helm, RPG oversees a portfolio of over 3 million square feet of real estate, with a focus in multi-family, mixed-use, office and industrial product. The firm continues to actively seek value-add investment and ground-up development opportunities in Southern California.
CenterSquare is a global investment manager focused on actively managed real estate and infrastructure strategies. Headquartered outside Philadelphia with affiliate offices in New York, Los Angeles, London and Singapore, CenterSquare’s management team holds an average of 30 years of experience, with expertise across real assets and the liquidity spectrum. As of December 31, 2020 CenterSquare manages approximately $12.1 billion in assets on behalf of some of the world’s most well-known institutional and private investors.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com.