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7/02/21
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Hines has purchased Activity Business Center, a five-building multi-tenant industrial asset totaling 161.2k sf in the Miramar submarket of San Diego. Approximately 90% leased at the time of sale, the portfolio was sold by BKM Capital Partners.
Spanning nine acres, Activity Business Center consists of five one- and two-story buildings located at 9235-9265 Activity Rd and 9520-9530 Padgett St. The buildings feature expansive windows for abundant light, clear heights ranging from 10 to 20 feet, and exceptional flexibility to accommodate a variety of users.
Prominently situated along Activity Rd near Interstate 15, the portfolio offers expedient access to a multitude of amenities, business centers, and top talent in residential communities throughout the San Diego region.
Cushman & Wakefield’s Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey, Ed Hernandez, Rick Reeder and Brad Tecca represented both buyer and seller in the transaction. Cushman & Wakefield’s Brant Aberg and Chris Duncan of VOIT Real Estate also provided market leasing advisory. The price was not given out.
“Activity Business Center is well leased to an array of companies that collectively provide secured cash flow and offered a great opportunity to acquire a sizable multi-tenant, value-add industrial asset in a coveted industrial submarket in San Diego,” said Aberg. “Adding to the property’s appeal and value, BKM Capital Partners recently completed a multi-million-dollar interior and exterior renovation on the asset prior to sale.”
According to Cushman & Wakefield’s latest research figures, Miramar’s industrial sector continues to thrive. Vacancy has fallen more than 400 basis points from 6.1% in 2013 to 2.0% as of Q2 2021, while rental rates have spiked 60% over the same time period.
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