Vista, Sorrento Mesa Industrial Assets Fetch $75M in Separate Deals
- May 22, 2014
In a great week for the San Diego industrial real estate market, two properties traded hands in a separate deals for a combined total of more than $75 million. In the larger of the two transactions, Cornerstone Real Estate paid $57.6 million for an asset in the Vista submarket, while a Sorrento Mesa industrial building was acquired by Colorado-based Alliance Commercial Partners LLC.
Cornerstone’s new acquisition, North County Corporate Center, is a 34-acre industrial campus at Progress Street and Joshua Way. Completed in 1999, Its buildings total 493,898 square feet San Diego Business Journal reported. The seller, an affiliate of JPMorgan Chase & Co., was represented in the transaction by Cassidy Turley, which also represented the buyer.
The 121,496-square-foot property acquired by Alliance Commercial in Sorrento Mesa is fully leased to Russell Sigler Inc. for the next three and a half years. Completed in 1993, the property includes about 10,000 square feet of office space.
According to Colliers International, only five industrial deals valued at $10 million or more closed in the San Diego market during the first quarter. Two of those deals involved assets in Vista. For the second quarter, Colliers’ data points to declining vacancy, higher net absorption, little new product and higher prices. Vacancy ranges from 3.9 percent in the I-15 Corridor to 8 percent in North County. For R&D facilities, vacancy rates vary from 9.9 percent to 12.7 percent.
Chart courtesy of Colliers International at