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4/12/24
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Two fully leased industrial buildings in Vista totaling 111.5k sf of space traded hands in a recent $24.5 mil ($220/sf) transaction. The buildings, situated on 6.39 acres at 2210 Oak Ridge Way and 2325 Cousteau Court, were acquired by a Los Angeles-based buyer.
The Class A industrial buildings are fully leased to Solatube International, a global leader in designing and manufacturing daylighting systems and ventilation products. Both properties have had new roofs installed within the last two years, and a solar system is currently being installed on each building's roof.
One of the buildings, located at 2210 Oak Ridge Way, contains 58.1k sf of space. It boasts a 27-foot clear height, four dock-high doors, and three grade-level doors, making it a highly functional space for industrial operations. Located at 2325 Cousteau Court, the second building is 53.4k sf in size and features a 26-foot clear height, two dock-high and three grade-level doors.
Matt Pourcho, Anthony DeLorenzo, Matt Harris, Dennis Visser and Weston Yahn with CBRE represented the seller, Oak Ridge Vista LLC, in the transaction. The buyer, Atlantic SPC Acquisitions Holdings III LLC, was self-represented.
According to CBRE Research, freestanding single-tenant industrial buildings are in high demand, which is evident by the current 2.8% vacancy rate for assets between 35k sf to 65k sf and Vista's manufacturing vacancy rate of 1.4%.
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