CenterPoint Spends $80M On San Diego Warehouse: The LA Deal Sheet

Illinois-based CenterPoint Properties has purchased a 203K SF Class-A warehouse and distribution center at 4400 and 4450 Ruffin Road in San Diego’s Kearny Mesa submarket for $80M.

The property spans 13 acres near the intersection of Balboa Avenue and Ruffin Road. The property is fully leased to three tenants with long-term leases. 

CBRE’s Hunter Rowe and Matt Carlson, along with National Partners’ Michael Longo, Eric Cox, Barbara Perrier, Joe Cesta and Brian Russell, represented the seller, an undisclosed real estate investment and management company. 

PEOPLE

CBRE has hired Kevin Nolen and Jason Kimmel to lead land investment sales in Southern California. Nolen and Kimmel will be based in the firm’s San Diego office. 

Nolen and Kimmell join CBRE Capital Markets as senior vice presidents, bringing experience in selling properties and land and helping private and institutional clients with ground leases and site selection. They most recently worked at Cushman & Wakefield. Together they have completed more than $2B in sales and have more than 40 years of combined experience in commercial real estate.

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Ware Malcomb has hired Daniel Gehman as a director in its multifamily division. Gehman will work out of WM’s Irvine office. In his role, Gehman will expand Ware Malcomb’s architectural presence in the multifamily sector on the West Coast. Gehman brings more than 35 years of architectural experience to the firm.

SALES

Agoura Hills Business Park, a two-building, 116K SF office campus in Agoura Hills, sold to an undisclosed private investor for $11M. 

The business park at 30401 and 30501 Agoura Road is renovated and 66% leased to tenants including A2 Biotherapeutics, a clinical-stage biotechnology company focused on developing innovative cell therapies for cancer patients. 

A JLL Capital Markets investment sales and advisory team led by Jeff Bramson, Andrew Harper, Will Poulsen, Taylor Hornsby and Jacob Molloy represented the seller, which property records indicate was an entity linked to Harbor Associates. 

LEASES

Life sciences company DermTech has signed a nearly 29K SF lease at a Kilroy Realty-owned property at 12340 El Camino Real in San Diego. DermTech will use the space for its headquarters and laboratory.  

DermTech works with dermatologists and patients to provide services including “a non-invasive melanoma rule-out test,” according to a release from JLL, which represented the tenant.

JLL’s Grant Schoneman, Chad Urie, Taylor DeBerry and Stephanie MacLeod represented DermTech. Landlord Kilroy Realty was represented by Brett Ward, Michael Cassolato and Evan Cassolato of Cushman & Wakefield.

CONSTRUCTION AND DEVELOPMENT

Construction is complete on a new eight-story Public Storage building at 3625 S. Grand Ave. in Historic South Central, less than a mile from the University of Southern California campus, Ware Malcomb announced. Ware Malcomb was the architect on the 262K SF industrial project, which features 4,448 climate- and non-climate-controlled storage units ranging from small spaces to those that can fit the contents of large moving trucks.