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11/21/24
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Parallel Capital Partners spent $14.5 mil on two freestanding industrial buildings totaling 72.8k sf ($199/sf) of space located at 5965 and 5975 Santa Fe St, just east of I-5 and south of Hwy 52 in San Diego.
The buildings were built in the 1980s. They were sold by San Diego Association of Governments (SANDAG), which acquired the assets in 2017 with Federal Transit Administration funding participation to help facilitate the Mid-Coast Trolley extension construction project, which connects UTC with the Santa Fe Depot in downtown San Diego.
Situated on 4.17 acres in the Rose Canyon industrial submarket of San Diego, the rare infill and coastal industrial project was vacant at the close of escrow. Karl Strauss Brewing Company and SANDAG previously occupied the property.
CBRE's Matt Carlson, Hunter Rowe, Camille Doan, Brian Hutcherson, Barbara Perrier, Mike Longo, Joe Cesta and Eric Cox advised the sellers on the transaction. The transaction is the first time the property has been available on the open market.
"The opportunity to reinvigorate and rebrand the well-located industrial product, particularly in the smaller bay space, is highly desirable and is what capital is aggressively pursuing in San Diego," said Rowe.
According to CBRE research, the Rose Canyon submarket (which includes Pacific Beach and Morena) in Central San Diego has a historically low vacancy rate of 1.7% and no current new construction.
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