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5/08/19
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La Jolla Baking Company has acquired a 24.2k sf industrial facility in San Diego’s Miramar area. The freestanding building, located at 8980 Crestmar Point, sold for $4.98 mil ($206/sf).
La Jolla Baking Company will occupy the entire facility, which sits on a 1.27-acre parcel and consists of approximately 30% office area and 70% warehouse/manufacturing area. The building features good power, dock and grade loading, skylights throughout the warehouse area, and ample parking. There is also a secured yard area.
Cushman & Wakefield’s Brant Aberg, SIOR, and Greg Hooker represented the buyer in the transaction. The seller, Vaust Properties LTD, was repped by Mickey Morera and James Duncan of Kidder Mathews.
Aberg said, “La Jolla Baking will be relocating from another building in Miramar due to their continued growth and need to expand. Their new facility is conveniently located off of Carroll Rd., just a few blocks north of Miramar Rd., midway between Interstates 805 and 15 in Central County.”
He added, “Owner/users looking to control their own real estate remain active in the tightened industrial sector in San Diego, especially for functional, well located small-to-mid size facilities that are in good condition and offer convenient accessibility to service their clients. Our market remains highly competitive for quality industrial product.”
According to Cushman & Wakefield’s latest market report, direct industrial vacancy in Miramar was a mere 2.7% in the first quarter of 2019, while Central County direct industrial vacancy was just 3.4%.
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