Amazon totally occupies the newly constructed San Diego facility.
Lincoln Property Co. and an actual property fund suggested by Crow Holdings Capital have offered their 299,381-square-foot distribution facility in San Diego. Terra Enterprises bought the newly accomplished Kearny Mesa Logistics Middle for $162.1 million, based on Industrial Edge knowledge.
The Class A industrial facility is totally leased to Amazon, in accordance with the identical knowledge. Located within the Kearny Mesa submarket, the property gives quick access to the Higher San Diego space by means of main thoroughfares together with Interstate 805, I-15, SR-163 and SR-52.
Positioned at 5650 Kearny Mesa Street, the on 15.2-acre industrial asset options 36-foot clear heights, a cross-dock configuration, 120-foot concrete truck courts and dock-high loading capabilities.
The sellers had been represented within the deal by Newmark’s Kevin Shannon, Co-Head of U.S. Capital Markets, together with Govt Managing Administrators Andrew Briner, Bret Hardy, Jim Linn, Brunson Howard and Ken White.
Robust demand for industrial area
Lincoln Property Co. and Crow Holdings have beforehand teamed up for an additional San Diego-area acquisition, with the acquisition of a 112,000-square-foot industrial property in 2020.
San Diego continues to learn from a excessive demand for industrial area. 12 months-over-year, the common emptiness price as of the third quarter of 2022 went down 2.4 p.c, whereas the common asking hire per sq. foot in the identical interval went up by $1.41, based on a report by Cushman & Wakefield.
The world isn’t solely a sizzling spot for industrial developments, however life science tasks as nicely. Attributable to its location and entry to a rising workforce, San Diego is among the many nation’s largest hubs for all times science building and funding exercise.
