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SAN DIEGO-A Santa Barbara-based hospitality firm has purchased a Downtown industrial space occupied by a rental car company for $6 million.

Pacifica Hospitality Group bought 30,000 sf on a 2.4 acre site located at 2942-3066 Kettner Blvd. Alamo Rental Car, one of the nation’s largest rental car companies, occupies the site near Lindbergh Field, the city’s international airport.

Pacific Hospitality Group, based in Santa Barbara, will hold the property as an investment. Tim Mills of Burnham Real Estate Services/ONCOR International represented the seller, WF-Airport Owners LP and the buyer.The San Diego County industrial vacancy factor rose slightly from 8.7% at year-end 2001 to 8.9% at the end of the first quarter, according to a research report by Burnham.

Property values in all sectors are either on the rise or show good fundamentals because of the hefty amount of redevelopment work in the Downtown area, capped by the $458 million ballpark district project.

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