CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield Advises Sale of 85,800 SF Best-in-Class Industrial Facility in San Diego

10/2/2020
SAN DIEGO, Calif., October 2, 2020 – Cushman & Wakefield today announced the firm has brokered the sale of a recently renovated 85,824-square-foot industrial asset in central San Diego, California.

10054 Old Grove

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.”

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of $9.5 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

Contact/Author

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS