BentallGreenOak Acquires San Diego Industrial Portfolio

BentallGreenOak has added seven properties in northern San Diego to its industrial portfolio in California. Cushman & Wakefield brokered the sale, representing the undisclosed vendor who bought the portfolio to BentallGreenOak for an undisclosed worth.

The Class A industrial portfolio totals 614,020 sq. toes, which is cut up amongst seven manufacturing and distribution buildings which might be all inside a five-mile radius. The most important portion of the portfolio is Vista Distribution Middle, a three-building distribution middle that was inbuilt 1990 with constructing sizes between 75,840 and 180,800 sq. toes. The remaining 4 free-standing buildings in Vista, San Marcos and Carlsbad vary between 31,246 and 135,000 sq. toes and had been constructed between 1988 and 2010.

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In response to Cushman & Wakefield, the portfolio is 100% leased to 11 tenants, together with US Meals, Pure Alternate options Worldwide, Inc., 24 Hour Health, Dr. Bronner’s, Captek, Completely Bamboo and Service Companions. The commercial properties are positioned close to Interstate 78 and the economic corridors of Interstates 5 and 15, providing tenants simpler entry to Orange County, Central San Diego and Riverside County.

Aric Starck, vice chairman at Cushman & Wakefield, stated in ready remarks that the San Diego market has been seeing low emptiness for its industrial sector due to the robust demand from e-commerce and warehousing, manufacturing, R&D, protection and life science sectors. He added in his ready assertion that the demand has led to unprecedented leasing velocity and total fundamentals.

Nevertheless, BentallGreenOak isn’t simply enthusiastic about constructing out its San Diego industrial portfolio. The corporate acquired a 1 million-square-foot bulk distribution warehouse in Jefferson, Ga. in October 2021, marking the agency’s second main industrial acquisition within the Atlanta space for that 12 months. BentallGreenOak additionally set the document for the very best worth ever paid for a single-building industrial property in Arizona after its acquisition of a 1.3 million-square-foot industrial facility in Glendale, Ariz.