(Read more on the industrial market.)
SAN DIEGO, CA-Colony Realty Partners has acquired a four-property business park totaling 162,182 sf from the McGrath Family Trust for $27.2 million, according to Voit Commercial Brokerage. The portfolio is 97% occupied, notes Randy LaChance, senior vice president at the San Diego office of Voit Commercial, which brokered the transaction.
Among the reasons that the deal appealed to the buyer, according to LaChance, was that, “With vacancy rates in the industrial sector of San Diego expected to start declining in 2008 and no affordable land to build competitive space, this acquisition proves to be a strong investment opportunity.” LaChance was part of a Voit team including SVP Glen Volk, Todd Holley, Brian Mulvaney and Bruce Sanders that represented both the buyer and the seller.
The properties in the portfolio include the 26,795-sf Rancho Pacifica multitenant project at 15950 Bernardo Center Dr. in Rancho Bernardo, the 42,970-sf Cornerstone Business Center at 10840 Thornmint Rd. in Rancho Bernardo, the 48,834-sf Carroll Industrial Park at 9030-9040 Carroll Way in the Miramar submarket, and the 57,908-sf Sorrento Mesa Commerce Center at 6915 Flanders Way and 10320-10340 Camino Santa Fe in the Sorrento Mesa submarket.
All of the properties are 100% leased except the Sorrento Mesa Commerce Center, which is 93% leased. The major tenants include General Atomics, Time Warner and Ameditech.
Voit Commercial Brokerage originally handled the sale of all four buildings to the McGrath Family Trust approximately 15 years ago and has handled the leasing on the properties since.