MCA Realty Sells Renovated San Diego Industrial Facility
- Jun 11, 2020
MCA Realty has sold Pinnacle Business Park in Escondido, Calif., for $8.3 million to Providence Capital Group. The 40,968-square-foot facility last traded in November 2018 for $5.9 million and, since then, underwent interior and exterior renovations.
Located at 2750 Auto Park Way, the asset is 2 miles from Interstate 13 and some 33 miles from downtown San Diego, within a submarket with market vacancy at the time of sale of around 3 percent. The two-building property comprises 13 suites at an 80 percent occupancy with in-place rents approximately 25 percent below market rates.
Senior Executive Vice President Tucker Hohenstein, Executive Managing Director Michael Kendall and Vice President Conor Boyle from Colliers International represented the seller, while Senior Vice President Evan McDonald worked on behalf of the buyer. Recently, Kendall was part of the brokerage team representing the seller of Arenth Commerce Center, a 90,318-square-foot industrial asset in the City of Industry submarket of Los Angeles.