Throughout Southern California, available industrial assets continue to be few and far between as the region sees continually heightened demand. One industrial property, however, has recently been placed up for both sale and lease in San Diego.
According to the offering memorandum by Colliers, the 24,376 square foot property is listed with an asking price of $10.55 million, or about $432 per square foot. Public records indicate that the property – located at 8255 Camino Santa Fe – is currently owned by an entity affiliated with Four Sher Investments LLC, which initially purchased it in the late 1990s for just over $1 million.
Situated on about 1.6 acres of land, the building stands one story tall and includes four dock high doors. According to Colliers, the property, while industrial, offers flex space that could also be utilized for retail.
The building is located in San Diego’s Western Miramar submarket, visible by both Camino Santa Fe and Miramar Road. Camino Santa Fe sees approximately 24,855 cars per day, and Miramar Road sees about 52,411 cars per day.
The area is home to a number of industrial/flex assets, with Camino Business Park, Sorrento Vista Industrial Park and Sorrento Ridge Business Park just a short drive away.
Overall, San Diego’s industrial market has seen steady demand over the past several quarters. According to a third quarter market report from Colliers, overall vacancy in the region increased slightly by 13 basis points during the quarter, but remained relatively low at 2.66 percent. This increase was likely due to several construction projects as more than 1.8 million square feet of new construction was completed in the course of 2022.
Flex space is also expected to see increasing demand throughout the remainder of the year, with the report showing a 5.09 percent vacancy rate as of the third quarter. Demand for flex space remains particularly strong due to a number of life science/wet lab space tenants. Around 60 percent of the new first-generation space under construction is devoted to life science/wet lab uses.