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10/19/17
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A 27.9k sf, multi-tenant industrial building in North San Diego County has sold to an investor for $3.925 mil ($141/sf). The freestanding property, situated on 2.4 acres at 1120 Sycamore Ave in Vista, was acquired by VCJT LLC.
The property was constructed in 1986 and underwent significant renovations in 2016. Among the key features of the property include direct access from both Sycamore and Grand avenues, second floor office accessible by two stairwells, windows allowing for natural light, good parking, finely landscaped, and newly remodeled common areas, and a new roof.
The seller, an affiliate of Banyan Road Capital, a local investment firm, was represented in the transaction by Chris Baumgart and Barry Hendler of Cushman & Wakefield.
According to Baumgart, the property was approximately 87% leased to eight tenants at time of sale. He noted that industrial supply in Vista is tight, with limited land to develop and market occupancy in competitive properties nearing 100%.
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