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2/20/15
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A San Diego-based private investment firm has purchased Simpson Business Park, a 56k sf, multi-unit industrial building in Escondido. Located at 1305-1317 Simpson Way, south of Hwy 78 and just west of I-15, the property fetched $7.3 mil ($130/sf).
The property contains 39 units and is 98% occupied. Current tenants include Fastenal, North America’s largest fastener distributor, and American Ceramic Technology, a manufacturer of Silflex shielding.
The buyer, 15 North LLC, was represented by Kirk Allison and Vic Gausepohl of Colliers International. Edward Indvik of Lee & Associates ISG, Jim Snyder of Lee Newport Beach, and Isaac Little and Marko Dragovic of Lee San Diego North County, represented the seller, Orange County-based Escondido Simpson Investors.
“The transaction closed extremely fast,” said Indvik, noting that Lee & Associates San Diego North County has been providing leasing services on the property for last eight years. “The property generated 16 offers with four of those above asking price. It was seven day due diligence and seven day close.”
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