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5/29/14
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We just learned of an institutional-quality SoCal biz park buy, as Cornerstone Real Estate Advisors LLC recently acquired North County Corporate Center, a 493.9k sf industrial park in Vista. The asset was sold by New York-based JPMorgan Chase for $57.65 mil ($117/sf).
North County Corporate Center is comprised of five buildings set on 26 net acres at 990 and 995 Joshua Way and 2750, 2760 and 2765 Progress St, less than one mile from the California State Route 78 freeway corridor.
Built in 1999, North County Corporate Center features 26’ ceiling clear height, dock-high and grade-level doors, mezzanines, office space and generous parking. The project is over 90% leased to tenants including: Jeld-Wen, a major window and door manufacturer which occupies 180k sf; John Deere Water; and CTDI, an electronics firm. Approximately 40k sf is currently available for lease.
Rick Putnam and Bret Hardy of the Los Angeles office of Colliers International represented the buyer and the seller. Aric Starck of Cassidy Turley’s North San Diego County office in Carlsbad is the leasing agent.
“This is the top institutional quality campus of its class in the North County area,” said Mr. Starck. “It is an ideal corporate headquarters location in an area with just 7% vacancy and a very limited supply of large contiguous space. With no new speculative construction on the horizon and a strong existing strong rent roll, this is a well-positioned and stable asset with excellent investment potential.”
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