5959 Santa Fe St.
LBA Logistics has paid $46.3 million for 5959 Santa Fe St., a 131,299-square-foot infill and coastal distribution heart in San Diego. A CBRE staff represented the vendor, recognized by CommercialEdge as Anheuser-Busch Cos., within the sale-leaseback transaction.
Accomplished in 1980 on 7.1 acres, 5959 Santa Fe has been Anheuser-Busch’s major distribution heart. The constructing options 190-foot truck courts, mechanical loading doorways, built-in dock levelers and duck bumpers, in response to CommercialEdge data. Located simply east of Interstate 5, the power is 10 miles north of San Diego, gaining access to the whole thing of Los Angeles and the Inland Empire.
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CBRE Govt Vice President Matthew Carlson, Vice President Hunter Rowe, First Vice President Sean Williams and Senior Vice President Matthew Carlson, along with Vice Chairman Barbara Perrier and Govt Vice President Joe Cesta, negotiated on behalf of the vendor.
LBA has been an energetic investor nationwide, having closed 22 acquisitions within the final 12 months, CommercialEdge knowledge exhibits. On the event facet, the agency lately accomplished Trade Heart at Melrose Park, a three-building industrial park in Chicago, and inked a full-building prelease at its under-construction analysis facility in Irvine, Calif.
San Diego’s industrial reign
San Diego’s industrial market has continued to submit sturdy vitals even within the face of looming financial headwinds. A 3rd quarter 2022 report from JLL signifies that the metro’s internet absorption trended upwards at 1.5 million sq. ft year-to-date as of September whereas the common emptiness charge continued to be among the many lowest within the area’s historical past, at 2.2 p.c.
Understanding the deal on this context, Rowe defined to Industrial Property Govt, “The numerous curiosity stage and investor enthusiasm for the asset point out how the market values well-located coastal belongings in San Diego. The uncommon infill nature of the power and the chance for a chief last-mile location to serve a few of San Diego’s extra prosperous communities make 5959 Santa Fe a perfect asset for a lot of institutional buyers.”
Knowledge additionally exhibits that San Diego had greater than 2 million sq. ft of business area beneath development, with some 580,000 sq. ft to be delivered by the top of the 12 months. Many of the present developments are situated in Otay Mesa, a submarket that may quickly see the beginning of a $1 billion industrial undertaking.
