San Diego Commercial Real Estate Wrap-Up – August 2020

LaJolla asset trades for $98 million. Cushman & Wakefield closes 110,000 square feet in industrial leases. Catch up on our August selection of San Diego must-reads.
NorthPointe. Image courtesy of Cushman & Wakefield

With new COVID-19 cases slightly declining in the last month, California is reopening indoor dining across some counties. Meanwhile, Gov. Newsom introduced a slower reopening plan  taking into account the number of cases and percentage of positive tests. In the meantime, the U.S. Bureau of Labor Statistics announced that metro San Diego’s unemployment rate dropped to 12.3 percent in July, down 150 basis points since the prior month. In the meantime, the metro’s commercial real estate sector hummed along in August, with at least one transaction turning heads. Read our list of San Diego must-knows:

1. LEASING – Cushman & Wakefield completes two industrial leases.

The brokerage represented Link Industrial Properties, the owner of NorthPointe, a 73,057-square-foot manufacturing facility. GenMark Diagnostics leased the entire Class A building. Located at 6221 El Camino Real, the property is 4 miles from Interstate 5. 

Cushman & Wakefield also assisted both parties in the leasing of Carlsbad Crossroads, an R&D/flex property owned by HG Fenton. COPAN Diagnostics leased the 38,800-square-foot facility. Located at 2728 Loker Ave. W., the asset is within 5 miles of Interstate 5.

2. DEAL – National University System sells headquarters for $97.5 million.

Alexandria Real Estate Equities acquired The Pointe at Torrey Pines, a two-building, 139,135-square-foot office asset in La Jolla. Located on 11.4 acres at 11255 and 11355 N. Torrey Pines Road, the property is near several research institutes, including Scripps Research, Sanford Consortium, University of California, San Diego and a Pfizer facility. Amenities at the two- and three-story buildings include subterranean parking with electrical vehicle-charging stations and a fitness center.

3. DEAL – CBRE arranges $6.1 million sale of Carlsbad office building. 

The 38,276 square-foot property traded between two private investment firms. The brokerage represented the seller. Built in 1986 and renovated in 2013, the asset is 79 percent leased to Capital Partners Services and DR Horton. Located at 5928 Pascal Court, within the 560-acre Carlsbad Research Center, the building is 3 miles from Interstate 5. The property is also adjacent to McClellan–Palomar Airport.

4. DEAL – Miramar retail center changes hands for $6.2 million.

Marcus & Millichap represented the seller, while CBRE assisted the buyer, according to San Diego Business Journal. Both parties are private investors. Built in 1986 by Miracrest Plaza Associates, the 24,273 square-foot center was 98 percent leased and hosted 21 tenants at the time of sale. Located at 6780 Miramar Road, Miracrest Plaza is 2 miles from Interstate 805.