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9/04/19
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Rexford Industrial Realty paid $8.2 mil for a 27.3k sf ($300/sf) industrial building in San Diego’s Miramar area. The property is located at 5725 Eastgate Dr, one mile from Miramar Road, one of the primary east-west thoroughfares in Central San Diego.
The building features excess land, a fenced secure yard, 22’ clear-height and eight grade-level loading doors. The property was vacant at the time of closing, but Rexford was able to secure a new, long-term tenant prior to closing.
The property sits one-half mile from the I-805, a major San Diego freeway that connects the Miramar area to the rest of San Diego County. Westfield UTC, one of San Diego’s most prominent dining and retail destinations, sits one mile west of the property.
CBRE’s Bill Dolan represented the seller, Valley Investment Services, in the transaction. Dolan notes that this is a very functional industrial property, given the excess land and its location in a highly desirable submarket.
In Q2 2019, nine industrial properties across four development projects were delivered, totaling 584.4k sf, according to a recent CBRE research report. More than 1.2 msf of leasing of warehouses generated a positive net absorption of 293.2k sf during the quarter. Continued demand and new deliveries kept both low-finish and high-finish asking rates to all-time highs.
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