An industrial property that traded hands just two years ago is back on the market. According to a property listing from Colliers, a 53,978 square foot building in San Diego’s Kearny Mesa submarket is on the market with an asking price of $18.5 million or about $343 per square foot.
The property, which is located at 7440 Convoy Court, is listed by Colliers Industrial Capital Markets team, which includes Michael Kendall, Gian Bruno, Kenny Patricia, Louay Alsadek, Maddie Mawby, Eric Parra, Tucker Hohenstein, Evan McDonald and Jason Roth. Public records also show that the property last traded in 2021 for $10.12 million to an entity linked to VWP SSF II Convoy LLC.
The property is situated on nearly three acres and as well as the industrial space, the property offers approximately 3,050 square feet of office space. The property was developed in 1971 and was renovated as recently as 2022.
Fully leased, the property is home to NAPA Auto Parts and Keenan Supply. The property has a weighted average lease term of 7.3 years.
The facility is situated in the northern portion of San Diego and maintains easy access to the I-15, Route 52 and the I-805, providing easy access to the rest of the area.
According to Colliers’ most recent first quarter industrial market report for San Diego, the region continues to perform well. In the first quarter of 2023, the countywide average asking monthly rental rate held steady at $1.62 per square foot, demonstrating an 11 percent year-over-year increase while remaining consistent over the past three months. However, the overall vacancy rate experienced a 57 basis points increase, reaching 3.32 percent. Positive demand was observed in the manufacturing and warehouse/distribution sectors, yet negative demand within the flex property segment predominantly contributed to the uptick in vacancy. Pure industrial vacancy rose to 2.25 percent, while flex vacancy reached 5.97 percent. Notably, the quarter saw the completion of 247,610 square feet of new construction as well, with an additional six million square feet currently under construction.
