The asset is 100% leased and was acquired by a private High Net Worth Investor based in Hawaii for $7.525 million. Cushman & Wakefield’s Bryce Aberg and Zach Harman represented the seller in the transaction. Brant Aberg of the firm also provided Leasing Advisory.
CJ Stos, MRED, Principal of Stos Partners said, “We saw a great opportunity to acquire the asset last summer and then completed a full renovation to make the facility much more appealing and functional to a wide range of tenants. This strategy enabled us to then successfully fully lease the property to a San Diego-based manufacturer of sustainable design materials on a long-term basis, whereby stabilizing the asset to create value for a new investor to purchase the building.”
“Given its still solid market fundamentals, we continue to see demand from investors from all over for high quality industrial product in San Diego, particularly those with credit tenancy,” said Bryce Aberg, Vice Chairman. “With a secure long-term tenant and a prime location in a preferred submarket, the renovated property now reflects a best-in-class asset in Central San Diego, one of the most difficult markets in San Diego to acquire or develop new buildings—the market is essentially built-out and land costs are significantly higher than in the secondary markets.”
Located at 8330 Arjons Dr, the facility is situated on approximately 1-acre and is positioned near Interstates 15 and 805 and the CA-163 freeway, providing convenient access throughout San Diego County, the San Diego International Airport, and the Port of San Diego.