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10/26/15
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Sorrento West Properties Inc has purchased Legacy Stowe Business Center, a three-building, 241.2k sf biz park in Poway, for $55 mil ($228/sf). Built in 2001, the complex is located at 14102, 14110 and 14118 Stowe Dr, east of I-15 and just south of Scripps Poway Pkwy.
The 13.82-acre, park-like campus is centrally located with easy freeway access and proximity to restaurants and commercial amenities. In 2001, it won the NAIOP Finest Award for best industrial/manufacturing project. It was 100% leased at the time of sale.
Kidder Mathews executive vice president, Mickey Morera, and senior vice president, James Duncan represented both the buyer and the seller, Pr Stowe LLC, in the transaction.
Poway has the lowest overall vacancy rate (currently 2%) than any other submarket in San Diego County. "This investment sale is an indicator of the strong investor demand for high-quality, well located industrial property in the region," said Morera.
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