Property acquired by RPG for $26.1 Million
Rare value-add property being redeveloped to cater to e-commerce / distribution / manufacturing users
Vista CA— Cushman & Wakefield announced today the firm has represented Stockbridge, a private equity real estate investment management firm based in San Francisco, in the disposition a 202,844-square-foot multi-functional industrial asset located at 1 Viper Way in Vista (San Diego), California. The buyer was RPG, one of the most innovative developers in San Diego County, which acquired the asset for $26.1 million. The North County facility was fully vacant at the time of sale.
Aric Starck, Bill Cavanagh and Drew Dodds with Cushman & Wakefield represented Stockbridge in the transaction. Cushman & Wakefield was also hired by RPG to perform Project Leasing.
RPG plans to redevelop the property, repositioning the industrial manufacturing facility to a core industrial buildout, by expanding the warehouse area, removing mezzanine and adding extensive dock and grade level doors to the front of the building. The new buildout will be conducive to e-commerce and distribution-center uses in addition to manufacturing. The newly repositioned best-in-class industrial facility will feature efficient cross dock loading, 28’ clear heights, an ESFR sprinkler system and minimal office.
“1 Viper provided one of San Diego’s largest lease-up opportunities and was a rare and versatile opportunity enabling the ability to execute multiple lease-up strategies, including either as a single or multi-tenant facility,” said Aric Starck, Vice Chairman. “The reposition opportunity uniquely positions 1 Viper to capitalize on the unmet demand for distribution and last mile requirements in San Diego with superior loading capabilities and great clear heights while also providing a significant discount to Situated on an abundant 11.7-acre parcel, 1 Viper is desirably located in the Vista Business Park, North San Diego’s densest industrial cluster. The location offers close proximity to Highway 78, providing direct access to Interstates 5 and 15.
“RPG’s renovations will provide an exceptional, modern location for industrial occupants in San Diego, a market that maintains very healthy fundamentals with countywide industrial vacancy remaining below 5% the past five plus years,” noted Bill Cavanagh, Managing Director.