Black Creek Sells New San Diego-Area Industrial Asset
- Dec 24, 2019
EastGroup Properties has purchased Rocky Point Distribution Center, a Class A, 226,691-square-foot industrial facility in Oceanside, Calif. Black Creek Group traded the asset in an off-market transaction. Cushman & Wakefield worked on behalf of the buyer.
Rocky Point Distribution Center occupies 14.4 acres at 1291 and 1322 Rocky Point Drive, roughly 6 miles from Interstate 5. The distribution center is near freeways 76 and 78.
Completed this summer, Rocky Point Distribution Center encompasses two buildings, each roughly 110,000 square feet in size, within the Pacific Coast Collection, a five-building project. Characteristics of the facilities include 30-foot clear heights, 52×60 column spacing, skylights and ESFR fire sprinklers. The buildings also feature grade-level and dock-high loading doors, truck courts and a parking ratio of 1.2 spaces per 1,000 square feet. At the time of the sale, the assets were around 52 leased to a mix of industrial tenants, including Wayfair Logistics.
The Cushman & Wakefield team working on behalf of EastGroup included Bryce Aberg, Jeffrey Cole, Jeff Chiate, Mike Adey and Zach Harman.
It has been another strong year for the industrial sector in the U.S. on the overall, with absorption in the third quarter near 49 million square feet, bringing the year-to-date total to 148.4 million square feet, according to Cushman & Wakefield research. In a recent interview with Commercial Property Executive, the company’s Tray Anderson, logistics and industrial lead for the Americas, revealed some of the sector’s strong points in 2019 and what the industry might face in 2020.