North County’s Hot Multi-Tenant Industrial Market Chalks Up Three Sales
North San Diego County's tight industrial market is attracting investors, with three multi-tenant industrial properties changing hands last week in Carlsbad, Vista and Oceanside. Lee & Associates' Isaac Little, who was involved in two of the transactions, told GlobeSt with vacancy rates dropping below 3% and asking lease rates up 12% to 15% from last year, multi-tenant industrial properties are the most highly valued assets in North San Diego County. Investors consider these assets a good value, he noted, as they are selling at 50% to 70% of replacement cost.
Gildred Development Co has acquired a 21,500 SF multi-tenant industrial/flex building in Carlsbad from North Coast Marketing in a $4.3M off-market deal, according to Real Capital Analytics. The project (above) at 5924 Balfour Ct was 100% leased to five tenants at the time of sale.
Cushman & Wakefield SD broker Jeff Sallen repped the buyer, while Cushman & Wakefield broker Chris Baumgart repped the seller along with Kidder Mathews broker Todd Davis. The property is in the 560-acre Carlsbad Research Center master planned development.
Coastal Investment 2 LLC paid GRT Properties $3.5M for Rancho Del Oro Technology Park, a 30,800 SF multi-tenant business park at 4168 Avenida de la Plata in Oceanside. The project has 16 individual industrial/flex suites, from 1,700 SF to 3k SF. All suites are on the ground level and have 16-foot clear height.
Issac Little, along with Lee & Associates brokers Marko Dragovic, Matt Weaver and Al Apuzzo repped the buyer, while Larry Strickland, also of the North County Lee & Associates office, repped the seller.
The same team repped the buyer and seller in the sale of Thibodo Ranch Business Center, a multi-tenant industrial business park at 2330, 2332 and 2336 La Mirada Dr in Vista. The property sold for $7.5M to La Mirada Drive LLC, an investor that plans to stabilize and hold the property. Known as The Park, this 53,600 SF project includes 30 units. It was built in 2005 and provides modern facilities, and individual units feature wet bars, fire sprinklers, HVAC in office areas and private restrooms. [GS]