RPG Pockets $44M for San Diego Industrial Asset
- Jun 11, 2020
RPG, formerly RAF Pacific Group, has sold Vector, a newly constructed, 169,825-square-foot Class A industrial facility in Carlsbad, Calif., to 3200 San Fernando LLC for $44 million. The suburban San Diego property is leased to two tenants.
Located at 2882 Whiptail Loop East on an elevated site with good visibility, Vector was constructed in 2019. The property features 30-foot clear heights, heavy power, ample dock and grade loading positions and extensive glasslines, expansive two-story lobbies, a second-story outdoor deck and break area. The property also features outdoor amenities including fire pits and bocce ball.
Aric Starck, vice chairman with Cushman & Wakefield, represented RPG in the sale. Starck said in prepared remarks the transaction speaks to the ongoing demand for quality industrial investment facilities in San Diego. Calling Vector a “best-in-class industrial development,” Starck noted the fully leased property represented an ideal stabilized industrial investment because of its strong in-place rents and well-established tenants. He also credited RPG for a design that is attractive to modern industrial tenants with contemporary creative office space and a high-image exterior along with efficient industrial warehouse space.
Industrial, office deal
Based in Encinitas, Calif., RPG is known for developing and acquiring high-end, state-of-the-art mixed-use, creative office and creative industrial properties in Southern California. In March 2019, RPG acquired five industrial and office assets in Carlsbad for $59.6 million in a transaction also brokered by Starck. A 67,528-square-foot industrial building at 6305 El Camino Real was among the assets acquired. The property included warehouse, office and R&D space, along with 195 parking stalls. Other industrial assets in that transaction included three properties at the Carlsbad Research Center. The fifth was Avenida Crossing, a newly renovated 68,392-square-foot office campus.