|
|
10/26/15
|
Hager Pacific Properties (HPP) has acquired a 208.6k sf industrial property in San Marcos for $9 mil ($43/sf). The facility is situated on 8.6 acres at 260 S. Pacific St, north of San Marcos Blvd and just off Hwy 78.
The property features multiple dock-high and ground-level loading positions, a fenced two-acre storage yard and a colossal 10,000 amps of power. HPP plans to complete more than $2 mil in renovations, including new roofing, lighting, loading, landscaping, offices and floors.
HPP purchased the property in an all-cash transaction which required only 25 days for inspection and close of escrow. The Pacific Avenue property will be HPP’s first acquisition in the North San Diego market and second acquisition in San Diego County, with one multifamily holding, the 180-unit Woodside Apartments, in Lakeside, California.
Mike Erwin and Tucker Hohenstein of Colliers International represented both the buyer and seller in the transaction and will be listing the property for lease. According to Colliers, the submarket boasts a low 3.3% vacancy rate, as of the end of Q2 2015.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
