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Industrial Portfolio Sale in San Diego County is One of the Largest in a Decade

RAF Pacifica Buys 'Creative Industrial' Buildings with Names Like 'dis-tri-bute'
October 5, 2018
RAF Pacifica's newly built dis·trib·ute creative industrial project in San Marcos, California, was among the properties sold to an undisclosed buyer.

An Encinitas, California developer sold a portfolio of industrial and flex buildings totaling more than 1 million square feet for $170 million in one of San Diego County's largest industrial and office portfolio sales of the past decade.

RAF Pacifica Group sold 16 buildings ranging from 31,246 square feet to 175,259 square feet across a dozen properties in north San Diego County and south Riverside County to an unnamed private buyer, according to brokerage Cushman & Wakefield that represented RAF in the deal.

The portfolio, a mix of older, renovated and newly developed buildings, includes RAF's "creative industrial" properties that combine industrial features with office space, in San Diego County's Carlsbad, Vista and San Marcos, as well as two buildings about 20 miles north in Temecula in Riverside County.

The properties include dis·trib·ute, a newly built project at 3261 and 3266 Lionshead Ave. in Carlsbad, California; gen·er·ate, a 77,736-square-foot manufacturing property at 1125 Joshua Way in Vista, California built in 1988 and a project at 195 Bosstick Blvd. in San Marcos, California dubbed pro·duc·tion.

Other properties in the portfolio include 3193 Lionshead Ave. and 2281 Las Palmas Drive in Carlsbad; 1385 Park Center Drive and 2641-2651 La Mirada Drive in Vista; 120 Mata Way, 2946, 2950 and 2954 Norman Strasse Road, and 1880 Diamond St., in San Marcos.

A range of manufacturing and distribution tenants occupy the buildings, including diagnostic medical technology firm Accutech, Neostyle Eyewear and furniture manufacturer Hollywood Chairs, according to CoStar.

In addition to being one of San Diego's largest industrial and office portfolio sales of the last decade, the portfolio was a rare find in a tight industrial market with a vacancy rate of just 4 to 5 percent at midyear, according to Cushman & Wakefield. The lion's share of demand growth this year has been in San Diego's North County, with nearly 500,000 square feet of net absorption through June 30, the firm reported.

"Unprecedented tenant demand in North County has generated tremendous occupancy growth since 2010," Aric Starck, executive managing director with Cushman & Wakefield’s San Diego office, who represented the RAF in the transaction, said in a statement.

Please see CoStar COMP #4527487 for more information on the transaction.

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