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11/05/21
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Realterm Logistics acquired a newly renovated, 104.5k sf last-mile distribution facility on over 10.5 acres in San Diego’s Kearny Mesa submarket. The firm paid $64.25 mil for the freestanding, Class A building, located at 7995 Armour St, off Kearny Mesa Rd.
Prior to the sale, the seller, Lincoln Property Company, completed significant capital improvements and repositioning of the asset, which was originally built in the 1980s. The single-tenant facility is 100% leased to a global Fortune 50 e-commerce company.
The Class A property features well designed ingress/egress, efficient warehouse and office layouts, dock and grade loading capabilities and ample parking. The facility is positioned along State Route 163 freeway near the Highway 805 interchange, providing seamless access to major thoroughfares located nearby as well as the region’s freeway infrastructure. It is also proximate to the Ports of Los Angeles and Long Beach.
Based in Annapolis, MD, Realterm Logistics is a vertically integrated owner and manager of high flow through (HFT) logistics facilities serving the transportation industry. Bryce Aberg, SIOR, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.
“Southern California’s industrial/distribution sector remains white hot driven by a multitude of industries including e-commerce. New and/or renovated Class A facilities that are well leased or vacant, remain in high demand by investors due to strong ongoing and future tenant demand,” commented Chiate.
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