The former home of an electronics firm once owned by Rep. Darrell Issa has been sold to an Encinitas developer for $26.1 million, a real estate firm said this week.
Cushman & Wakefield announced that Stockbridge, a San Francisco private equity firm, sold the now vacant 202,844-square-foot industrial asset located at 1 Viper Way in Vista to a local developer, RPG.
The building sits on 11.7 acres and is located in the Vista Business Park.
Issa, the long-time Republican congressman who left his North County seat, ran and won last year in the race to represent the 50th Congressional District in place of the disgraced Rep. Duncan Hunter Jr.
He made his fortune though as founder of Directed Electronics, producer of the Viper car alarm, and various audio and auto security brands.
Issa founded the company in 1982, sold controlling interest in it in 2000, then watched as it transitioned eight years later to a holding company, DEI Holdings.
DEI sold in 2011 for $285 million.
RPG plans to redevelop the Viper Way property, repositioning the manufacturing facility by expanding the warehouse area, removing the mezzanine and adding extensive dock and grade-level doors to the front of the building.
The new buildout will be conducive to e-commerce and distribution-center uses in addition to manufacturing, according to Cushman & Wakefield.
Aric Starck, Bill Cavanagh and Drew Dodds with Cushman & Wakefield represented Stockbridge in the transaction. RPG also hired Cushman for leasing duties.
Starck, Cushman’s vice chairman, called the site “a rare and versatile opportunity” that can “capitalize on the unmet demand for distribution and last-mile requirements in San Diego with superior loading capabilities and great clear heights while also providing a significant discount to reproduction cost.”