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7/29/20
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A joint venture between LPC West and Crow Holdings Capital has acquired a 112k sf industrial building in Chula Vista, the second-largest city in the San Diego metropolitan area. The sale represents the first time the property has changed hands since it was developed in 1992.
The building is located at 491 C St, near the axis of SR-54 and the I-5, two of the region’s major thoroughfares. The property also has seamless access to important area landmarks including Downtown San Diego, the Port of San Diego, and the Otay Mesa Port of Entry at the U.S-Mexico border.
Approximately 62k sf of low-finish warehouse and distribution space is available for lease. The leasable space features ample truck storage, ten dock positions, a cross-dock appendage with ten additional dock positions, 24-foot minimum warehouse clearance, and two drive-in doors, making the space ideal for a variety of tenants seeking premier coastal distribution space in Southern California.
“491 C Street is a high-quality, functional industrial asset located in the increasingly tight Chula Vista submarket. Industrial product of this quality and vintage is rare within infill locations, making this investment particularly compelling,” said Ben Bucci, Vice President of LPC West’s San Diego Region. LPC West is the West Coast arm of national real estate firm Lincoln Property Company
Ron Bement with Newmark Knight Frank and Skye Cook with Cushman & Wakefield were involved in brokering the transaction. The price was not disclosed.
LPC West San Diego office has had significant growth over the past 12 months, both in acquiring properties and new development. The firm now owns and manages nearly 1.6 msf of commercial property in the San Diego region with an additional 450k sf currently under development. Most recently, LPC West acquired nearly 30 acres in Oceanside for a planned state-of-the-art industrial campus. Last year, LPC West purchased 21 acres in San Diego’s Kearny Mesa, where the firm will break ground on a 300k sf industrial project in the first quarter of 2021.
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