An industrial property totaling 43,336 square feet has hit the market in San Diego’s Kearny Mesa neighborhood, with a $14.5 million asking price. According to the listing by Commercial Asset Advisors, the two-building property has recently been remodeled to serve tenants across multiple industries.
The buildings are located at 4851 and 4933 Paramount Drive, and could be purchased together or separately, according to the listing. The properties were initially built in 2001 and recently renovated in 2020 by the current owner and occupant, the American Council on Exercise. According to public records, the organization acquired it in 2017 for $6.47 million.
The two-story flex industrial buildings have been remodeled to provide modern design and upgraded creative office improvements suitable for most industries. The new layout also allows for multiple tenants and includes office space, warehouse space, high speed fiber internet service, security systems, showers, lockers and a gym facility.
Located in central Kearny Mesa, the building is near a variety of commercial office and industrial assets, with occupants including Amazon, Northrop Grumman and Appfolio, among others. The property is also adjacent to Convoy Street and Claremont Mesa Boulevard, the main retail corridors in the Kearny Mesa neighborhood. In addition, the property maintains easy access to the 52, 163 and 805 freeways.
Kearny Mesa is home to a broad variety of industries, including healthcare, defense, education, construction and more. The area is also home to a large population, with approximately 261,948 people with an annual average household income of $76,206 in a five-mile radius of the property.
In total, San Diego County is home to 3.3 million residents and is the fifth largest county in the United States. Home to the University of California San Diego, the region has become a center for research, engineering and biotechnology. However, the listing shows that the region is also home to a booming industrial market, which finished the third quarter with a 4.2 percent vacancy rate. In addition, the region has seen positive net absorption of more than 4.1 million square feet of industrial product.
Commercial Asset Advisors did not respond to a request for comment.
