Hines acquires multi-tenant industrial asset in thriving Miramar submarket
San Diego CA— Cushman & Wakefield announced the firm has advised the sale of Activity Business Center, a five-building multi-tenant industrial asset totaling 161,168 square feet in the Miramar submarket of San Diego, California. Approximately 90% leased at the time of sale, the portfolio was acquired by Hines, the international real estate firm. The seller was BKM Capital Partners.
Cushman & Wakefield’s Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of the firm’s National Industrial Investment Advisory Group in Southern California, together with Rick Reeder and Brad Tecca of the firm’s Capital Markets in San Diego, represented both buyer and seller in the transaction. Cushman & Wakefield’s Brant Aberg and Chris Duncan of VOIT Real Estate also provided market leasing advisory.
“Activity Business Center is well leased to an array of companies that collectively provide secured cash flow and offered a great opportunity to acquire a sizable multi-tenant, value-add industrial asset in a coveted industrial submarket in San Diego,” said Bryce Aberg, Executive Managing Director. “Adding to the property’s appeal and value, BKM Capital Partners recently completed a multi-million-dollar interior and exterior renovation on the asset prior to sale.”
Spanning nine acres, Activity Business Center consists of five (1)- and (2)-story buildings located at 9235-9265 Activity Rd and 9520-9530 Padgett St. The buildings feature expansive windows for abundant light, clear heights ranging from 10 to 20 feet, and exceptional flexibility to accommodate a variety of users.
Prominently situated along Activity Rd near Interstate 15, the portfolio offers expedient access to a multitude of amenities, business centers, and top talent in residential communities throughout the San Diego region.
According to Cushman & Wakefield’s latest research figures, Miramar’s industrial sector continues to thrive. Vacancy has fallen more than 400 basis points from 6.1% in 2013 to 2.0% as of Q2 2021, while rental rates have spiked 60% over the same time period.