|
|
12/11/18
|
MCA Realty has acquired a 41k sf, multi-tenant industrial asset in the North San Diego submarket of Escondido for $5.9 mil, or $144/sf. The property is located at 2750 Auto Park Way, west of I-15 just off Hwy 78.
Photo: Lance Emerson Photography |
 |
|
The property consists of two buildings with a total of 13 suites, two of which are vacant. It has strong street visibility with 300 feet of frontage on W. Mission Road and 750 feet of frontage along Auto Park Way.
MCA plans to renovate the existing vacant space, as well as update individual suites as leases roll. They’ve also planned some exterior aesthetic upgrades and increased identity signage.
Industrial vacancy in San Diego overall has remained below five percent since 2015, and this number has manifested itself in consistent rent growth,” says Tyler Mattox, Principal at MCA Realty. “Industrial users throughout the region continue to expand in markets such as Escondido, Carlsbad, San Marcos, Oceanside and Vista. This will drive long-term demand for properties and drive rent growth over the next several years.”
“The rents at the property are currently well below today’s market, which provides us with strong upside potential,” says Mattox. “Improving and updating the buildings will enable us to quickly lease vacant space and bring remaining rents up to market.”
Tucker Hohenstein and Conor Boyle with Colliers International represented MCA Realty as the buyer. The seller, a private investor, represented themselves.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
