Press Release

North County San Diego Industrial Building Sells to San Diego-Based Real Estate Investment Firm for Undisclosed Price – CBRE

22 1 2020

Vista-Industrial

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Cole Mortland

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San Diego – CBRE announced that an industrial building in Vista, Calif. sold to Westcore Properties, a local commercial real estate firm for an undisclosed price.

Darla Longo, Barbara Perrier, Rebecca Perlmutter, Roger Carlson, Blake Wilson, Louay Alsadek and Hunter Rowe of CBRE represented the seller, Denver-based commercial real estate investment firm Everwest, in the transaction. Mark McGovern of CBRE structured the equity for the deal on behalf of the buyer.

Located at 2620 Commerce Way, the 184,498 square-foot Class A industrial building was originally built in 1999 as a build-to-suit for Zodiac Pools. The single tenant, freestanding structure was vacant at the time of sale and features 15 dock high doors, three grade level doors and 4,000 amps of 277/480 volt power. The property was recently repositioned after the removal of a portion of the mezzanine.

The property is located less than two miles south of SR 78, a major east-west San Diego freeway that connects to both I-5 and I-15. The building is equidistant from downtown San Diego, Orange County and Riverside County, with access to major airports and light rail transit.

“The opportunity to acquire an industrial building of this size in the extremely tight industrial submarket of North County San Diego is very rare,” said Carlson. “This is the only building of 150,000 square-feet or more in North County that is available for lease. The size, location and versatility of this asset attracted the buyer, and the CBRE team was able to negotiate a price that worked for both parties.”

The CBRE team also represented the buyer in the transaction.

The San Diego industrial market experienced its strongest year of leasing activity in three years, with tenants leasing more than 15.2 million square-feet in 2019 according to a CBRE research report. Construction activity is ample, with over 1.7 million square-feet of new product in the pipeline as of the fourth quarter of 2019.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.