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October 27, 2021
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Black Creek Group Acquires 494k sf Industrial Campus in Vista


Black Creek Group has purchased North County Corporate Center (NCCC), a five-building, 493.9k sf, institutional-quality industrial campus in Vista, for $147.5 mil ($299/sf). The property was sold by Barings, one of the world’s leading investment managers.

NCCC is widely known as North San Diego County’s largest pure industrial distribution project, and is situated in a distinctive, high-image business park environment. The property presents market-functional modern building features, including 26-foot clearances, ESFR and ESFR-ready sprinkler systems, abundant dock-high loading, large truck yards and modern offices.

The project is designed to cater to a wide variety of unit sizes, tenants, and uses with suites ranging in size from approximately 21k sf to 123k sf, and buildings ranging from 71.5k sf to 123.3k sf. This range of suite and building sizes enables both single- and multi-tenant occupancy and allows tenants to grow within the park.

Newmark Executive Managing Directors Bret Hardy, Jim Linn, Andrew Briner and Brunson Howard and Co-Head of U.S. Capital Markets Kevin Shannon represented Barings in the transaction.

“North County Corporate Center is the largest pure industrial distribution park in North County San Diego. The property is 100% occupied, and offers solid, in-place cash flow from a diverse rent roll with six credit tenants and staggered lease expirations.” said Hardy. “Additionally, below market rents and forecasted hyper-inflationary industrial rent growth make this project an ideal core-plus investment for Black Creek Group.”

San Diego’s North County market counts a population of 4.5 million within 50 miles, and provides ease of access to greater San Diego, Orange County, Los Angeles and the Inland Empire via the I-5, I-15 and SR 78 freeways.

San Diego County encompasses over 165 msf of industrial inventory with a 4.5% vacancy rate as of Q2 2021, according to Newmark Research. The market has experienced eleven straight years of positive absorption. Rents are forecasted to continue to increase as competition for new and existing industrial space heats up.

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