(EDITOR’S NOTE: According to a source familiar with the transaction, the property was sold for $39.55 million, or approximately $228.95 per square foot.)
SAN DIEGO, Calif., June 23, 2021 – Cushman & Wakefield announced the firm has advised the sale of Camino Santa Fe Business Park, a seven-building multi-tenant industrial asset totaling 172,743 square feet in the Miramar submarket of San Diego, California. The property also includes one developable land parcel.
The portfolio was acquired by an entity controlled by a joint venture between Hill Properties and Westport Capital Partners. The seller was a global investment manager. The park was approximately 91% leased at the time of sale.
Cushman & Wakefield’s Bryce Aberg, Jeff Cole, Jeff Chiate, and Zach Harman 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 Group in San Diego, represented both buyer and seller in the transaction. Cushman’s Brant Aberg and Ryan Downing provided market leasing advisory.
“With outstanding quality tenants, prime location and historically strong market fundamentals, the portfolio was a rare offering of a sizable multi-tenant industrial portfolio in one of the most desirable investment submarkets in San Diego,” said Bryce Aberg, Executive Managing Director. “The asset is very well leased to a desirable and highly diversified tenant mix, together providing stable in-place income with attractive lease terms and a well-balanced tenant rollover profile.”
Developed between 1983 through 1990, Camino Santa Fe Business Park consists of six multi-tenant industrial buildings and one office building located at 8320, 8340, 8360, 8375, 8380, 8395, and 8445 Camino Santa Fe. The portfolio, which also includes a 0.76-acre developable parcel, is situated on a total of 14.18 acres. The park features efficient ingress/egress, functional warehouse and office layouts, dock and grade loading, and ample parking, with suites ranging from approximately 835 to 22,290 sf.
The property is located in the heart of Miramar near the I-15, I-805 and CA-163 freeways, providing access throughout San Diego County’s various residential communities, San Diego International Airport, the Port of San Diego, and the metro’s extensive amenity base.
Rick Reeder, Executive Managing Director, added, “Camino Santa Fe Business Park provides an advantageous position within the San Diego industrial market which continues to experience high tenant demand and strong rent growth.”
According to Cushman & Wakefield’s latest research figures, Miramar continues to experience robust demand for industrial space. 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.