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May 24, 2019
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San Diego Industrial Portfolio Sells in $170 Mil Transaction


A portfolio totaling more than 1 msf of Class A, industrial assets in San Diego County sold for $170 mil in a recent transaction. The properties were sold by RAF Pacifica Group. The buyer was not named.

The portfolio consists of 12 institutional-quality core industrial assets spread throughout the northern county cities of Carlsbad (three projects), Vista (four projects), San Marcos (three projects), plus nearby Temecula (two projects).

The portfolio sale totaled 1.04 msf and included the following properties: dis•trib•ute—3261 and 3266 Lionshead Ave, Carlsbad; 3193 Lionshead Ave, Carlsbad; 2281 Las Palmas Dr, Carlsbad; gen•er•ate—1125 Joshua Way, Vista; 1385 Park Center Dr, Vista; 2641 and 2651 La Mirada Dr, Vista; 120 Mata Way, San Marcos; pro•duc•tion—195 Bosstick Blvd, 2946, 2950 and 2954 Norman Strasse Rd, San Marcos; 1880 Diamond St, San Marcos; 26201 Ynez Rd, Temecula; and 42259 Rio Nedo Rd, Temecula. Ideal for traditional manufacturing and distribution tenants, these assets are constructed with highly-efficient warehouse designs and loading capabilities, low office build-out percentages, expansive clear heights, and strategic layouts for effective parking, loading and truck traffic flow.

Aric Starck with Cushman & Wakefield represented the seller in the transaction. The buyer was self-represented. According to Starck, the deal represents the largest industrial or office sale in San Diego in the last decade.

“The RAF Portfolio is a dynamic collection of industrial assets strategically located throughout the region. Featuring the ideal combination of quality and efficiency, the portfolio incorporates a remarkable mix of existing core assets, fully renovated warehouse/distribution centers, as well as newly developed state-of-the-art projects,” noted Starck. “Each asset is strategically positioned in sought-after locations characterized by superior access to freeways, amenities, airports and residential communities.”

Per Cushman & Wakefield’s latest official market report, San Diego County posted a strong direct vacancy of just 4.1% as of midyear 2018, with North County direct industrial vacancy slightly higher at a very healthy 4.9%. Through midyear, San Diego County achieved over 720,700 sf of occupancy growth, with well over half (492,400 sf) of the growth alone stemming from the North County area.

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