San Diego-Area Industrial Asset Sells for $7M

Cushman & Wakefield arranged the transaction of the 40,831-square-foot facility on behalf of the seller. The buyer was self-represented in the deal.
1964 Kellogg Ave. Image courtesy of Cushman & Wakefield

First Industrial Acquisitions II has purchased a 40,831-square-foot Class A industrial facility in Carlsbad, Calif., for $7.3 million. Cushman & Wakefield arranged the sale of the building on behalf of the seller, Gemological Institute of America Inc., whereas the buyer was self-represented. The seller was also the former occupant of the facility, which is currently vacant.

The facility is situated at 1964 Kellogg Ave., adjacent to the McClellan-Palomar Airport and near Interstate 5, which provides easy access to San Diego and the San Diego International Airport. The building occupies 5.5 acres and features dock-high loading and 55 feet column spacing. Additional characteristics of the asset include a gated truck court.

According to a research conducted by Cushman & Wakefield, in San Diego county the industrial vacancy rate is at 4.4 percent. Besides this, the market has also experienced nearly 45 percent overall rent growth since 2013.

Cushman & Wakefield’s Vice Chairman Aric Starck represented the seller. Earlier this year, Starck also brokered the sale of five industrial and office assets in Carlsbad, Calif., for a total of $59.6 million.