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6/13/19
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Chula Vista Industrial Center, a two-building 158.1k sf Class A industrial property in Chula Vista, was acquired for $25.7 mil ($163/sf) by a partnership of New York-based KKR and Chicago-based Alpha Industrial Properties (AIP). The project was 100% leased at the time of sale.
Located at 1669 and 1675 Brandywine Ave and completed in the early 1990s, the multi-tenant project is situated on 11.93 acres in San Diego’s South County market. The buildings within the portfolio offer above-standard loading capabilities, 24-foot clear height, automatic wet sprinkler systems in all suites, and concrete truck courts. Additionally, Chula Vista Industrial Center is located near I-805 and along the north side of the U.S./Mexico border with direct access to one of the world’s busiest land border crossings.
Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, and Devin Muna of Cushman & Wakefield’s San Diego and Orange County offices represented the seller, Denver-based Black Creek Group, formerly Industrial Property Trust, in the transaction. C&W’s Ryan Spradling and Brant Aberg also provided local market advisory.
“Chula Vista Industrial Center has been meticulously maintained as evidenced by the current roster of quality tenants and historically high occupancy,” said Aberg. “The project’s variety of suite sizes and build-outs appeals to a large variety of industrial users in addition to providing existing tenants ample growth opportunities within the project.”
He added, “San Diego remains a highly sought after region for companies, workers and residents, and South County remains a key contributor to San Diego’s thriving economy. Meanwhile, Chula Vista will soon expand its residential and retail amenity base making it even more appealing for not only companies and people but also investors—especially with land costs rising and scarce developable land.”
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