Cush & Wake Brokers San Diego Industrial Sale

A Lincoln Property Co. entity nabbed the asset for $11.5 million. The single-tenant property is located in the tight Morena industrial submarket, which has a vacancy rate nearly half the county rate.

5260 Anna Ave., San Diego
5260 Anna Ave., San Diego

A Lincoln Property Co. entity, 5260 Anna Ave. LP, acquired a 72,220-square-foot industrial facility in San Diego’s Morena submarket for nearly $11.5 million. Cushman & Wakefield represented both the buyer of the single-tenant property and the seller, Bixby SPE Finance 1 LLC.

Square Peg Packaging and Printing leases the entire 2.3-acre property located at 5260 Anna Ave. The facility comprises 66,395 square feet of warehouse and 5,825 square feet of office space and is suitable for manufacturing, distribution and warehouse uses. The asset features four dock and two grade doors, 53 parking spaces, 16-foot to 30-foot clear heights and a secured fenced yard. Cushman & Wakefield’s Bryce Aberg and Brant Aberg worked on behalf of the buyer, joined by Ryan Spradling to also represent the seller in the deal. Rexford Industrial Realty Inc. also recently disposed of two 373,744-square-foot vacant industrial buildings two miles away for $40.1 million.

Tight industrial submarket

The property is just off Interstate 5 and has easy access to interstates 8, 805 and 15 and Highway 163, as well as retail amenities. The asset is less than a 15-minute drive to San Diego International Airport and Port of San Diego. The Morena industrial submarket reported an overall vacancy of 2.3 percent at mid-year 2017, nearly half Central County’s collective rate of 4.5 percent or San Diego’s countywide vacancy of 5.1 percent, according to Cushman & Wakefield’s latest research report.

Image courtesy of Cushman & Wakefield