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7/15/22
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BLT Enterprises purchased 1 Viper Way, a Class A industrial building in Vista, for $58 mil. The property was sold by a partnership of RPG and CenterSquare, who acquired the asset in February 2021.
The sellers initially acquired the asset, which had been vacated after serving as the headquarters for an automotive technology company for 20 years, implemented strategic renovations to improve functionality and further enhance the well-located asset’s appeal to high-quality industrial users. The result of the repositioning was a 175.4k sf building on a 482.6k sf site with increased loading capacity and decreased office space.
The renovations optimized the space and its loading capabilities, with the asset now comprising 20 dock-high doors and 16 grade-level doors, as well as featuring new skylights to increase natural light and energy efficiency. Previously, the facility featured 11 dock-high and 11 grade-level doors.
According to Adam Robinson, Founder and President of RPG, within 90 days of completion of the upgrades, they had fully leased the asset to two new tenants.
Cushman & Wakefield’s Aric Starck and Drew Dodds represented RPG and CenterSquare in the acquisition, lease, and sale of the asset. According to a recent Cushman & Wakefield report, San Diego County posted the lowest vacancies ever recorded in Q1 of 2022, with North County seeing direct rates of 2.5%.
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