RPG Pockets $44M for San Diego Industrial Asset

Cushman & Wakefield brokered the sale of the newly constructed, 170,000-square-foot Class A property.
Vector. Image courtesy of Cushman & Wakefield

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.

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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.