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11/14/22
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LBA Logistics purchased a 131.3k sf infill distribution facility in coastal San Diego for $46.3 mil ($353/sf) in a sale/leaseback deal. Located at 5959 Santa Fe St, the property is in the city’s Pacific Beach area.
Built in 1980, the well-appointed 7.1-acre site has been the primary beverage distribution center for one of the world's largest brewing companies. Its proximity to the I-5 allows convenient access to all of San Diego County.
CBRE's Matt Carlson, Hunter Rowe, Sean Williams, Roger Carlson and the company's National Partners west team members Barbara Perrier and Joe Cesta represented the seller in the transaction. LBA Logistics represented themselves.
"Despite the challenging market dynamics, the sale process was highly competitive with major national and regional players. The depth of bidders is a further testament to the strength of the Central San Diego market and the quality of the asset," said CBRE's Carlson.
Central San Diego's industrial market closed out the third quarter with negative net absorption and, year to date, over 8.7 msf of leasing activity. The strong level of overall activity and tenant demand has driven the direct vacancy rate to a near-historic low of 2.0%.
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