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SAN DIEGO-A government contractor has snatched up a San Diego industrial facility with plans to occupy the building.

Buyer Yeatts Properties LLC, which specializes in furniture for military and prisons, has shelled out $1.6 million for the asset. Located at 7838 Wilkerson Ct., the facility encompasses 12,860 sf.

Yeatts Properties represented itself in the transaction. Mickey Morera of Burnham Real Estate Services ONCOR International acted on behalf of the seller, David Altomare.

Owner/user transactions like the recent Yeatts deal, along with build-to-suits for leases, accounted for 327,000 sf of positive net industrial absorption for San Diego County in the first quarter of 2003, according to a recent Burnham report. However, speculative industrial product experienced 571,290 sf of negative net absorption, giving the San Diego County industrial market an overall negative net activity of 244,290 sf.

Despite the negative net absorption, the industrial market recorded a healthy vacancy rate of 8.3% in the first quarter, Burnham’s researchers say. They predict that the industrial market will recover by yearend, with projected absorption of 1.5 million sf.

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