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10/05/20
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An 85.8k sf, freestanding industrial property in the Scripps Ranch area of San Diego has traded hands. The Class A facility, situated on a 5.4-acre site at 10054 Old Grove Rd, is currently fully leased by Manscaped, which creates products for men’s grooming needs. It was purchased by a high-net-worth individual.
The asset is within minutes of the I-15 and the I-5, two key logistics corridors through Southern California, and in close proximity to the Sorrento Valley Coaster Station, Montgomery-Gibbs Executive Airport and San Diego International Airport.
The property was sold by CapRock Partners, who acquired the asset in January 2018 as a strategic addition to its value-add portfolio. At the time of acquisition, the 35-year-old property had significant functional challenges.
CapRock implemented a top-to-bottom renovation plan to bring the property to Class A status. This included completely redesigning the building’s entrance and parking areas to create a sense of arrival for its future tenant, and building out spec office space to help cast a vision for how a tenant could utilize the space.
Today the building comprises 61.8k sf of warehouse and 24k sf of high-end office space. Features include five dock-high loading doors and four grade-level loading doors with 30-foot clear heights, heavy power (4,000a 277/480v) and motion-sensor LED lighting.
The building exterior has been modernized and drought-resistant landscaping has been added to enhance the property’s curb appeal. As part of the repositioning, CapRock implemented a flexible floor plan design offering several layout options, an expandable secured parking area and alternative uses for the equipment yard including employee recreation courts and an outdoor lounge to accommodate a variety of potential users.
In addition to its value-add investment platform, CapRock Partners also is one of the most active developers in the Western U.S. The company has nearly 4 msf currently under construction and will commence construction on an additional 7 msf in the next 12 months, including a 4.5-acre industrial site in the Sorrento Mesa area.
Bryce Aberg of Cushman & Wakefield represented CapRock in the sale. Jim deRegt of Lee & Associates and Richard Schwartz of Colliers International represented the buyer.
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