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2/26/19
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CapRock Partners has completed the repositioning of its Old Grove asset, an 85.8k sf freestanding industrial property, located on a 5.4-acre site within the Scripps Ranch area of San Diego. CapRock Partners acquired the property in January 2018 as a strategic addition to its value-add portfolio.
The property was in a functionally obsolete condition at the time of purchase and had never previously been available. CapRock Partners implemented a top-to-bottom renovation plan to improve the property and bring it to Class A status.
“When CapRock acquired the Old Grove asset, the building was in need of extensive capital improvements,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “The Central San Diego submarket is experiencing strong demand for industrial space with vacancy around a low 4.5%. With limited availability in the area, we identified an opportunity to reposition and add value to an underutilized building in a premier San Diego location.”
The property’s design features a flexible floor plan to accommodate a variety of potential users. The site offers several layout options, an expandable secured parking area and alternative uses for the equipment yard such as employee recreation courts or an outdoor lounge. The property is now being marketed for single tenant use.
The two-story building provides 61.8k sf of warehouse and a total of 24k sf of newly renovated office space, of which 10.9k sf can be converted into a laboratory. The facility includes five dock-high loading doors and four grade-level loading doors with 30 feet clear heights. Features include heavy power (4,000a 277/480v), and newly installed motion-sensor LED lighting. Large plate-glass windows span the north side of the building over the loading dock doors to provide outdoor views and shed natural light throughout the warehouse.
The property is located at 10054 Old Grove Rd, approximately 15 miles north of Downtown San Diego. Easily accessible to the I-15, a key logistics transportation route through Southern California, and minutes from the I-5, the property is in close proximity to the Sorrento Valley Coaster Station, Montgomery-Gibbs Executive Airport and San Diego International Airport.
Given the location, functionality and layout, the asset is suited for a variety of users as a potential corporate headquarters, manufacturing and/or distribution facility. Surrounded by retail and residential, the property benefits from a strong employment base in the Scripps Ranch area and its adjacent neighborhoods in eastern San Diego.
The property is listed by Brant Aberg and Ryan Spradling at Cushman & Wakefield.
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