In an off-market transaction with an institutional owner, MCA Realty has acquired a 106,311-square-foot multi-tenant industrial building at 2270 Camino Vida Roble in Carlsbad, Calif., for $30.7 million.
The firm did so through its MCA Realty Industrial Growth Fund II.
Cushman & Wakefield’s Conor Boyle and Tyler Stemley are overseeing leasing at the rebranded property, which is currently 95 percent leased, standard for this market.
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The project was 100% leased last fall but experienced some turnover towards the end of last year and the beginning of this year.
The North County San Diego Industrial Multi-Tenant (IMT) market is one of the most robust IMT markets in the country, according to Michael Mullahey, vice president of acquisitions for MCA Realty.
With a total market inventory of 6.3 million, the IMT vacancy rate in North County San Diego sites at only 3.6%, outperforming the greater San Diego industrial market's 6% rate.
“The lack of supply is because of the absence of available developable land in addition to an increase in construction costs,” Mullahey told GlobeSt.com.
“This has made it difficult for industrial developers to pencil in a small bay multi-tenant building or business parks. We believe there have not been any new business parks developed in the last 10 or so years. The vast majority of development has been single-tenant warehouses.”
The asset, built in 1981, is located just a few minutes from the Interstate 5 Freeway, Interstate 15, and Highway 78, offering convenient access and distribution advantages within the Greater San Diego industrial market.
It features ample parking, grade-level loading, 18-foot clear heights, and well-designed ingress/egress.
Cushman & Wakefield’s Bryce Aberg, Stemley and Boyle represented MCA Realty in the acquisition.
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