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3/24/21
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RPG paid $26.1 mil for a 202.8k sf ($129/sf), multi-functional industrial asset in Vista. . The North County facility was fully vacant at the time of sale. It was sold by Stockbridge.
The property is situated on an abundant 11.7-acre parcel at 1 Viper Way I, within the Vista Business Park, North San Diego’s densest industrial cluster. The location offers close proximity to Hwy 78, providing direct access to Interstates 5 and 15.
RPG plans to redevelop the property, repositioning the industrial manufacturing facility to a core industrial buildout, by expanding the warehouse area, removing mezzanine and adding extensive dock and grade level doors to the front of the building. The new buildout will be conducive to e-commerce and distribution-center uses in addition to manufacturing. The newly repositioned best-in-class industrial facility will feature efficient cross dock loading, 28’ clear heights, an ESFR sprinkler system and minimal office.
Aric Starck, Bill Cavanagh and Drew Dodds with Cushman & Wakefield represented Stockbridge in the transaction. Cushman & Wakefield was also hired by RPG to perform Project Leasing.
“1 Viper provided one of San Diego’s largest lease-up opportunities and was a rare and versatile opportunity, enabling the ability to execute multiple lease-up strategies, including either as a single or multi-tenant facility,” said Aric Starck, Vice Chairman. “The reposition opportunity uniquely positions 1 Viper to capitalize on the unmet demand for distribution and last mile requirements in San Diego with superior loading capabilities and great clear heights while also providing a significant discount to reproduction cost.”
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