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8/13/19
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Chicago-based First Industrial Acquisitions II LLC purchased a 40.8k sf, Class A industrial property in Carlsbad for $7.3 mil ($179/sf). The seller was the Gemological Institute of America Inc, the property’s former occupant who vacated the building earlier this year.
The building is situated on an elevated 5.5-acre site at 1964 Kellogg Ave, next to Carlsbad’s Palomar McClellan Airport and just five minutes from I-5. The facility benefits from exceptional dock-high loading and expansive 55’ column spacing, and also features a gated truck court and private curb cut along Kellogg Avenue with signage.
Aric Starck of Cushman & Wakefield’s Carlsbad office represented the seller in the transaction. The buyer was self-represented.
“1964 Kellogg is a best in class, single-tenant facility with an efficient design highly conducive to distribution, e-commerce and manufacturing uses,” said Starck. “Situated in North San Diego County, this freestanding asset features industrial efficiencies not seen by its peers and is ideally sized and well positioned to capture tenant demand within the San Diego market, one of the best performing industrial markets in the nation.”
According to Cushman & Wakefield research, San Diego countywide industrial direct vacancy remains strong at just 4.4%, while having experienced nearly 45% rent growth overall since 2013.
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