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12/17/19
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Copperwood Center, a 141k sf industrial park in Oceanside, was acquired by Newport Beach-based CB Copperwood LLC for $20.05 mil, or $142/sf. Located at 3365, 3375 and 3385 Mission Ave, and 101, 102, 105, 106 and 110 Copperwood Way, the park was originally built in 1984 and is comprised of eight buildings.
The property was 97% leased to 64 tenants at the time of sale, with units ranging from 886 sf to 7.4k sf in size. Copperwood Center features visible signage for each unit and has more than 350 parking spaces. The property is also in walking distance to many dining and retail amenities.
The property is adjacent to SR 76, a major highway in North County San Diego that connects Oceanside to both I-5 and I-15. Copperwood Center is five miles from United States Marine Corps base Camp Pendleton, housing more than 68,000 military personnel that supplies the Oceanside industrial market with a stable workforce.
Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack of CBRE represented the seller, Newport Beach-based commercial real estate firm Focus Real Estate, in the transaction. Paul Lafrenz, Josh McFadyen and Joe Crotty of Colliers International repped CB Copperwood, LLC.
“The opportunity to acquire a stabilized multi-tenant industrial park in the extremely tight industrial submarket of North County San Diego is very rare,” said Pourcho. “Copperwood Center is a tremendously desirable asset given its strong historical occupancy, below market rents and proximity to major freeways. “
The surge of positivity surrounding the San Diego industrial market intensified in Q3 2019, according to a CBRE research report. Third quarter leasing activity reached the highest level since the third quarter of 2015, contributing to 546k sf of net absorption. The San Diego industrial market is on track to post one of its strongest years of leasing activity on record, with year-to-date leasing activity already over 12 msf through three quarters.
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