|
|
11/17/17
|
Berdan Holdings LLC acquired a 109.8k sf, single-tenant industrial asset in Carlsbad for $24.5 mil ($223/sf). The property, located at 2495 Faraday Ave, is occupied by FedEx as a shipping facility.
Built in 1999, the asset consists of a single-story industrial property situated on 7.96 acres in San Diego’s North County market. The facility is fully leased on a net lease basis to FedEx, which is a longtime tenant of the property.
The facility is located within a few blocks of El Camino Real, and is convenient to Interstate 5 and Highway 78 (which provides a direct and proximate route to Interstate 15). Other key property features include 32-feet clear height, 10.9k sf of office space, and nine dock- and nine grade-level doors.
Aric Starck of Cushman & Wakefield’s San Diego office represented the seller, Leonard Living Trust. Ron Jacobson of SD Realty Partners repped the buyer in the deal.
“Industrial demand remains strong in San Diego County while Carlsbad remains one of the region’s most sought after and top-performing submarkets in terms of growth. As such, both investors and developers have remained drawn to Carlsbad, noted Starck. “A well located, good quality fully leased asset with a great long-term credit tenant in FedEx, 2495 Faraday represents an ideal, stable investment for a buyer.”
According to Cushman & Wakefield’s third quarter 2017 market report, San Diego’s industrial sector remains robust and very healthy, experiencing lofty occupancy growth in 2017 with over 700k sf of net absorption through September. Overall countywide industrial vacancy stood at 4.8% in the third quarter, its lowest level the firm has ever tracked on record or over a 15 year-period. The submarket of Carlsbad has been the prime focal area for new development with 40% of the county’s new construction activity according to the report.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
