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11/17/20
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Rexford Industrial has completed a $3.5 mil renovation of a 106.4k sf industrial property in San Diego’s Sorrento Mesa area. Upon completion of renovations, Quidel, a San Diego-based leading diagnostic healthcare manufacturer, signed a 10-year, $16.9 mil ($1.32/sf/mo) lease for the entire building, located at 10015 Waples Ct, south of Mira Mesa Blvd and west of Camino Santa Fe.
Rexford Industrial acquired the property in early 2019 for $21.3 mil, in an off-market transaction. The company has since completed significant internal and external renovations to modernize the building. Immediately upon completion in October 2020, McDonald secured Quidel, a San Diego-based leading diagnostic healthcare manufacturer, as a tenant for the property.
Evan McDonald and Tom Mercer of Colliers International represented Rexford in its acquisition of the property, and in the lease to Quidel.
In the third quarter of 2020, countywide vacancy of 5.9% increased slightly and registered 337.5k sf of positive net absorption. More than 776k sf of new construction was completed, 91% of which was preleased and occupied, and more than 3.1 msf is currently under construction.
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