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4/12/16
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RAF Pacifica Group has acquired a 277k sf portfolio consisting of 16 individual buildings throughout six multi-tenant industrial business parks in San Diego County. The acquisition price was not disclosed, although we do know that the firm secured a $19.6 mil loan at 50 percent leverage for the acquisition.
The acquired properties contain a total of 87 tenants. The projects included in the portfolio are Carroll Way Industrial Park, Rancho Pacifica Business Center, Sorrento Mesa Commerce Center, Enterprise Business Center, Oceanside Business Park I and Oceanside Business Park II.
Four of the six projects were purchased from a private international real estate investment firm, and the remaining two projects – Oceanside Business Parks I & II – from a private owner. CJ Stos of Stos Partners is a partner with RAF Pacifica Group in the transaction.
Based on each project’s multi-tenant structure, excellent location and range of unit sizes, RAF Pacifica Group views the portfolio as a cash-flow, low-risk asset and anticipates long-term ownership of these properties. The firm plans to implement exterior and interior enhancements that are expected to increase current tenant rents to market rate.
This portfolio is the first investment for RAF Pacifica Group, providing the firm with the opportunity to implement and grow its business strategy, which focuses on acquiring, renovating and growing a pipeline of industrial, flex and office assets, as well as developing new product in Southern California.
Brokers involved in facilitating this portfolio transaction for RAF Pacifica Group include:
• Randy LaChance, SIOR, a Senior Vice President with Voit Real Estate Services
• Bob Willingham, SIOR, a Senior Vice President and Partner with Kidder Matthews
• John Witherall, an Associate Vice President with Colliers International
• Josh McFadyen, a Senior Vice President with Colliers International
• Joe Crotty, a Senior Vice President with Colliers International
James Ruiz and Lori Wendel with Keystone Mortgage Corporation arranged the acquisition financing for this transaction.
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