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10/16/20
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Padma Laxmi LLC purchased an 85.8k sf industrial asset in central San Diego. The fully leased, single-tenant facility was sold by CapRock Partners for an undisclosed price.
CapRock Partners had recently completed an extensive renovation on the two-story property, located at 10054 Old Grove Rd in the Scripps Ranch community. Situated on nearly 5.5 acres, the property also consists of a secured yard area, heavy power and an above-average clear height.
The building, constructed in the early 1980s, underwent a top-to-bottom renovation plan in 2018 to bring the property to Class A status. The plan included high-quality finishes throughout, a new roof, a completely redesigned office area, new drought tolerant landscaping, an updated entry way, and more.
10054 Old Grove Rd is located in the heart of Scripps Ranch near I-15 freeway, providing access across San Diego County’s various residential communities and extensive amenity base, the San Diego International Airport, and Port of San Diego. The location is also surrounded by many corporate neighbors.
Cushman & Wakefield’s Bryce Aberg, Jeff Cole, Jeff Chiate, Ed Hernandez, Mike Adey, and Zach Harman of the firm’s National Industrial Investment Advisory Group in Southern California represented the seller in the transaction. Brant Aberg of the firm provided leasing advisory services.
“San Diego remains one of the nation’s top industrial markets and we continue to see strong investor demand for high quality properties in this market and across Southern California, and particularly those with credit tenancy, whether single or multi-tenant assets,” said Cole. “Notably, there are a limited number of buildings in Central San Diego that can appeal to a myriad of tenant uses (distribution, manufacturing, R&D) that this functional, best-in-class asset is capable.”
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