The Consolidated Way property to be vacated by SDG&E. Photo credit: Courtesy, CBRE

An industrial property long used by San Diego Gas & Electric sold to an undisclosed buyer for $15 million, CBRE announced this week.

CBRE’s Bill Dolan and Ryan Sparks represented the seller, a partnership controlled by RAF Pacifica Group, an Encinitas-based real estate development firm. CBRE will handle leasing duties on behalf of the new owner.

Located on Consolidated Way near MCAS Miramar, the 82,781 square-foot building has heavy power, 22’ clear height, and dock-high loading making it suitable for a variety of manufacturing, warehouse or distribution uses.

SDG&E occupied the property for several decades but will vacate it at the end of the month.

“This transaction illustrates the strength of the San Diego industrial market,” Dolan said. “Despite the pandemic, investor demand is incredibly strong for well-located industrial assets, as demonstrated by investors’ willingness to take on the lease-up risk of acquiring a vacant property.”

The buyer, Sparks said, recently purchased industrial properties in El Cajon and Vista.

Those investments, he said, highlight “the confidence surrounding the future of the San Diego industrial market overall.”

Net absorption in the San Diego industrial market in the third quarter of 2020 was the highest since the third quarter of 2018, reaching more than 1.2 million square feet, according to a CBRE research report.

Total vacancy fell 30 basis points to 5.1% and total availability fell by the same amount, to 7.7%.

– Staff reports

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