Industrial markets across Southern California continue to see industrial properties trade hands, with another deal in San Diego adding to the mix. According to information from Colliers, a 85,842 square foot industrial building in San Diego sold for $33.9 million, or about $395 per square foot. The property was sold by an entity linked to Old Grove LLC to the Southwest Regional Council of Carpenters.
Colliers’ Evan McDonald and Richard Schwartz along with Lee & Associates’ James DeRegt and Scott Frazier aided in brokering the deal. Scott Frazier represented the buyer in the transaction, while the seller was represented by McDonald, Schwartz and DeRegt.
The property is located at 10054 Old Grove Road and is home to both manufacturing and office/lab space, according to a listing for the property on Loopnet. The building is occupied by several tenants, including Manscaped Inc. and the County of San Diego.
Situated within San Diego’s Scripps Ranch, the property is located just off Interstate 15 and is near a number of other commercial properties as well. Companies within close proximity include iXCells Biotechnology, INova Diagnostics and others.
The Southwest Regional Council of Carpenters is a labor union that represents more than 90,000 members throughout Southern California as well as in Nevada, Arizona, Utah, New Mexico, Colorado, Washington, Idaho, Montana, Wyoming, Oregon and Alaska.
Last year, the company also bought a 85,000 square foot industrial building in Carson for $46 million, or about $540 per square foot. The seller of the property, located at 1010 Sandhill Ave., was Vella Group, a Los Angeles-based investor and developer.
