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6/11/24
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A portfolio consisting of two industrial properties spanning six buildings and 387.5k sf of space in the SoCal cities of San Marcos and Temecula was acquired by different buyers in separate deals that totaled $74 mil.
One of the sales was for a four-building, Class A industrial project totaling 221.3k sf in San Marcos that was 100% leased at the time of sale. Known as Pro•duc•tion, the project was built in 2018 and is located at 195 Bosstick Blvd and 2946, 2950 and 2954 Norman Strasse Rd. It was purchased by Investcorp for $50 mil ($226/sf) in a deal that closed in January.
The second sale comprised two industrial buildings, totaling 166.1k sf and located at 26201 Ynez Rd and 42259 Rio Nedo Rd in Temecula. The assets were acquired by Cire Equity in May for $24.04 mil ($145/sf).
All six buildings feature exceptional access to the major freeways of the Interstate 15 and State Route 78, strategically and conveniently positioned within one-mile of freeway on-ramps. The buildings feature desired industrial efficiencies, with a combined 38 dock loading positions, 28 grade-level positions and average clear height of 26 feet.
Cushman & Wakefield’s Aric Starck, Jeffrey Cole, and Drew Dodds of the firm’s Capital Markets in Southern California represented the seller in the transactions.
“This portfolio provided a great opportunity for the two separate buyers to acquire a critical mass of institutional quality industrial real estate in San Diego’s desired North County and the city of Temecula in the South Riverside market. The portfolio included quality freeway adjacent single and multi-tenant industrial properties with flexible suite sizes ranging from 13.8k sf to 94.2k sf,” said Starck. Additionally, all six buildings in the portfolio are located on individual parcels, within infill locations providing high barriers for entry.”
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