MIRAMAR, CA-Harsch Investment Properties has added another San Diego County industrial property to its portfolio, as it recently purchased the Carroll Canyon Center in a transaction valued at nearly $18.9 million.
The Portland, OR-based firm, which traces its first acquisitions in San Diego County back to the early 1960s, has begun targeting this region once again, having reentered the San Diego market just last year. Carroll Canyon Center is the third industrial property that Harsch has snatched up here since 2001.
“One of our company’s core strategies is making sure that our portfolio is geographically diversified,” Harsch President Jordan Schnitzer tells GlobeSt.com. “And the fundamental economics of the San Diego marketplace are a bit different from the other markets that we’re in.” He explains that San Diego’s strength lies in a combination of favorable characteristics, including a diverse job base, strong high-tech and biotechnology industries, fabulous weather and wonderful educational institutions and cultural centers. “All those factors add up to a strong market,” Schnitzer says.
The recent acquisition of Carroll Canyon Center has brought Harsch’s local portfolio to a total of more than 500,000 sf, a figure that company officials say could top 1 million by the end of 2003. Encompassing 174,413 sf, the newly purchased property stands one mile north of Miramar Road on a 15.53-acre site. It consists of 10 buildings, which are located at 9705-9835 Carroll Centre Rd. and 9845-9939 Via Pasar. Dating back to the mid-1980s, the property is currently occupied by tenants such as Siemens Building Controls, Henckel/Locktite and General Electric Supply. The complex was 96% occupied at the time of sale.
Dean Asaro of CB Richard Ellis’ La Jolla office acted on behalf of both Harsch and the seller, TA Associates dba The Realty Associates Fund III LP. Asaro will handle ongoing leasing efforts at the property.