Providence Capital Snaps Up Business Park
- Feb 20, 2015
A San Diego industrial property recently changed hands in a transaction arranged by Colliers International. In a $6.7 million deal, Shekhter Living Trust sold Soledad Business Park at 8250-8260 Camino Santa Fe to Providence Capital Group.
Located on a 3.7-acre site, the two-building, 60,986-square-foot property is currently occupied by eleven tenants. Thirty-five percent of the space is available for lease.
Arnold Friedman and Evan McDonald of Colliers, who arranged the deal, will serve as leasing agents.
In light of the area’s improving fundamentals, Providence Capital intends to invest in improvements. “The new owner plans to modernize and upgrade the property to take advantage of these trends as well as its excellent location and visibility,” said McDonald, a Colliers vice president.
According to Marcus & Millichap, industrial absorption has been strengthening steadily in San Diego. Average vacancy stood at less than eight percent at the end of 2014, and the pace of absorption increased 10 percent year over year.