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6/15/20
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Providence Capital Group, a San Diego-based owner and investor, paid $8.25 mil for Pinnacle Business Park, a 41k sf ($201/sf), multi-tenant industrial asset located at 2750 Auto Park Way in Escondido. The property was sold by MCA Realty, who acquired it in November 2018 for $5.9 mil ($144/sf), and completed strategic interior and exterior renovations to increase the income profile of the asset.
At the time MCA acquired Pinnacle Business Park, the two-building, 13-suite property was 80% occupied with in-place rents approximately 25% below market rates. MCA’s renovation program allowed the project to increase in-place rents to market rates and lease-up vacant space.
The asset is located in one of the tightest industrial submarkets in North County San Diego with market vacancy at the time of sale around 3%. “The asset’s location in a strong industrial submarket made it attractive to potential buyers,” explains Tyler Mattox, Principal at MCA Realty. “Escondido continues to attract a variety of companies, many of whom are seeking quality value alternatives to other San Diego County submarkets to the south. We strategically positioned the asset to fit this market, which ultimately created a property that was attractive to buyers.”
Tucker Hohenstein, Michael Kendall and Connor Boyle with Colliers International represented MCA Realty in the deal. Providence Capital Group was repped by Evan McDonald, also with Colliers.
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