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June 15, 2024
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EverWest Real Estate Investors Closes $17 Mil San Diego Industrial Buy


EverWest Real Estate Investors purchased a 55k sf industrial asset in San Diego’s Miramar submarket for $17.3 mil, or $315/sf. The asset was sold by a joint venture between Stos Partners and Long Wharf Capital, who acquired the asset for $11 mil in early 2020.

The building is located at 9431 Dowdy Dr, in the heart of the Miramar submarket with excellent proximity to interstates 805 and 15 to facilitate transportation needs. It boasts features such as ample parking space, drive-around access, dock-high loading space, storage space, and a security system with a fenced-in lot.

Bryce Aberg, Brant Aberg and Zachary Hardman from Cushman & Wakefield represented Stos Partners as the seller in the transaction.

The San Diego market saw one of the lowest vacancy rates in the nation at 2.3% in Q1 of this year, signaling clear interest in well-located industrial spaces in Southern California. In fact, leasing activity rose by 300,000 square-feet in Q1 to 2.6 million square feet. This is partly caused by the continuously growing demand for infill industrial assets, coupled with the lack of new supply due to diminished buildable land and high construction costs, according to Jay Boyle, Executive Vice President at Stos Partners.

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