The buyer was Padma Laxmi, LLC, which acquired the fully leased, single-tenant facility from Western U.S.-focused industrial real estate investor and developer CapRock Partners for an undisclosed price. CapRock Partners recently completed an extensive renovation on the two-story property located at 10054 Old Grove Rd in the Scripps Ranch community.
Cushman & Wakefield’s Bryce Aberg, Jeff Cole, Jeff Chiate, Ed Hernandez, Mike Adey, and Zach Harman of the firm’s National Industrial Investment Advisory Group in Southern California represented the seller in the transaction. Brant Aberg of the firm also provided Leasing Advisory.
Bryce Aberg, Executive Managing Director, said, “With a state-of-the art renovation, prime location and historically strong market fundamentals, the property was a rare opportunity to acquire a sizable newly renovated industrial asset in Scripps Ranch, one of the most desirable investment markets in San Diego.”
Constructed in the early 1980s, CapRock Partners implemented a top-to-bottom renovation plan in 2018 to bring the property to Class A status. The plan included high-quality finishes throughout, a new roof, a completely redesigned office area, new drought tolerant landscaping, an updated entry way, and more. Situated on nearly 5.5 acres, the property also consists of a secured yard area, heavy power and an above-average clear height.
“Old Grove is a shining example of how a well-executed, value-add business plan can deliver a much-needed institutional-quality industrial product to an infill market where demand is outpacing supply,” said Nicholas Ilagan, senior vice president, asset management at CapRock Partners. “We feel extremely privileged to support the region’s needs during a time when a pandemic-fueled e-commerce surge is creating nearly unprecedented demand and reshaping industrial real estate for decades to come.”
10054 Old Grove Rd is located in the heart of Scripps Ranch near I-15 freeway, providing access across San Diego County’s various residential communities and extensive amenity base, the San Diego International Airport, and Port of San Diego. The location is also surrounded by many corporate neighbors.
“San Diego remains one of the nation’s top industrial markets and we continue to see strong investor demand for high quality properties in this market and across Southern California, and particularly those with credit tenancy, whether single or multi-tenant assets,” said Jeff Cole, Vice Chairman. “Notably, there are a limited number of buildings in Central San Diego that can appeal to a myriad of tenant uses (distribution, manufacturing, R&D) that this functional, best-in-class asset is capable.”
