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7/28/22
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LA-based North Palisade Partners acquired a 61k sf logistics facility in San Diego for $5.5 mil ($90/sf). The purchase of the 1.4-acre property, which is located at 9350 Miramar Rd, closed at the end of June with construction completion set for the end of the third quarter.
The property, formerly a facility for AmeriGas, a propane distributor, includes a 4k sf building, which North Palisade plans on renovating, repaving, and striping the site for Industrial outdoor storage (IOS) use.
Evan McDonald, SIOR, of Colliers International, represented the buyer. Sean Williams, SIOR, Tom Stone and Scott Gabrielson of CBRE repped the seller in this off-market transaction.
“This rare low coverage property, situated on the main through-fare of Miramar Road, is a great addition to the North Palisade portfolio,” said McDonald. “We fully expect to execute our business plan, update the property and identify a high-end user who will benefit from the high traffic count and excess yard capabilities.”
This transaction comes on the heels of North Palisade Partners’ acquisition of Palisade Red Hill, a 2.45-acre industrial property in Irvine. The $11 mil transaction involved a site within the Irvine Business Complex and includes an existing 36.5k sf office building that will be demolished and replaced with a state-of-the-art Class A infill industrial warehouse.
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