Ziman Realty Partners bought the building located in the Wineridge Business Park at 2066 Aldergove in Escondido as a sale/leaseback investment. The seller was Verified Technical Corporation, also known as Veritek, a division of REMEC.
Arnie Friedman of Colliers International represented the buyer. Larry Jackel and Rob Gunness of CB Richard Ellis represented the seller.
Veritek is the sole tenant in the build-to-suit project, executing a sale-leaseback for five years commencing this year.
With supply diminishing countywide, industrial property has sold for a premium this year. Single-digit vacancy rates for industrial product hovered around 4.5% at the end of 2001. Limited supply and growing demand in San Diego County for industrial space has led to a 5% increase in rental rates since fourth-quarter 2000.
Although construction of industrial and R&D product increased towards the end 2001, limited available land in San Diego has kept new development flat over the past year.
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