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3/02/15
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Pelican Realty Group LLC, in a joint venture with Los Angeles-based PI Properties, has acquired Harbor Center, a two-building, multi-tenant industrial property totaling 40.5k sf in San Diego. The property was sold by an entity controlled by USA Properties for $3.66 mil ($90/sf) in an all-cash, off-market transaction.
Built in 1989, Harbor Center is situated on 1.4 acres at 2363 and 2393 Newton Ave, just off I-5. It is located immediately south of Downtown San Diego and just north of National City in a submarket known as Barrio Logan. It’s an area that is seeing a strong amount of growth and activity as interest from both investors and users increases, partly because of it’s proximity and access to the Port of San Diego, San Diego International Airport, and public transportation.
Harbor Center was 45 percent occupied at close of escrow and is the only industrial project in the vicinity that offers tenants 24-foot clear heights and sprinklered warehouses. The new ownership plans on launching an aggressive tenant outreach program in order to lease up the remaining space over the next several months.
The San Diego County industrial market has been growing steadily with a vacancy currently hovering around 6.8 percent and a net absorption was positive of 736.8k sf during the fourth quarter of 2014. Rental rates have increased by 4.6 percent since the previous quarter, according to CoStar.
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