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8/23/13
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In a recent San Diego-area owner/user purchase, Old Castle Precast has acquired a 48k sf facility in Lakeside from Ameron Pipe for $7.4 mil ($154/sf). The seller was National Oilwell Varco.
The facility, which is located on a 14-acre site at 10441 Vine St, north of I-8 and east of Hwy 67, is one of the few zoned M-54 outside storage-entitled properties in East County. In turn-key condition, the property includes a two-story office building, warehouse with 50-foot ceiling height multiple bridge cranes, and secure fenced yard.
“This transaction between two mult-national manufacturing firms signifies the resurgence of user interest in industrial product in the East County area of San Diego,” said Kerry Schimpf, an industrial specialist with the San Diego office of Cassidy Turley. “Traditional industrial and manufacturing firms that require outside storage as part of their main operational function are starting to rebound after years of decreased demand during the recession.”
In the transaction, Cassidy Turley’s Schimpf, along with colleagues Andy Melzer and Cameron Czubnernat, represented the seller. The buyer was repped by Tom Cromartie of CBRE.
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