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CapRock Partners has completed the repositioning of an 85K SF industrial property on a 5.4-acre site at 10054 Old Grove Road in the Scripps Ranch area of San Diego.
The company acquired the 35-year-old property about a year ago as a value-add play in a market with a low supply of industrial space. The property was functionally obsolete at the time of the deal.
“The Central San Diego submarket is experiencing strong demand for industrial space, with vacancy around 4.5%," CapRock Senior Vice President Bob O’Neill said. "With limited availability in the area, we identified an opportunity.”
Then CapRock Partners undertook a top-to-bottom renovation.
“The building was in need of extensive capital improvements,” O'Neill said.
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The work reimagined the building’s exterior, parking areas, landscaping and entry plaza to provide a sense of arrival for a future tenant, according to CapRock Vice President of Asset Management Nicholas Ilagan.
The two-story building includes 61K SF of warehouse space and 24K SF of office space, of which more than 10K SF can be converted into a laboratory. The facility includes five dock-high loading doors and four grade-level loading doors with 30-foot clear heights.
Large plate-glass windows span the north side of the building over the loading dock doors, providing outdoor views and letting light enter the warehouse.
Renovations brought natural light to the space, a feature — along with high-end office finishes also included in the work — not typically found in industrial buildings, Ilagan said.
The property is now being marketed for single-tenant use.
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