A five-building industrial center in Miramar, approximately 90% leased, has been sold to a real estate firm, officials announced.
Activity Business Center, with multiple tenants, has 161,168 square feet of space. Hines, an international real estate firm, acquired the property from BKM Capital Partners for an undisclosed sum.
Cushman & Wakefield represented the buyer and seller in the transaction.
“Activity Business Center is well leased to an array of companies that collectively provide secured cash flow and offered a great opportunity to acquire a sizable multi-tenant, value-add industrial asset in a coveted industrial submarket in San Diego,” said Bryce Aberg, an executive managing director at the firm. “Adding to the property’s appeal and value, BKM Capital Partners recently completed a multi-million-dollar interior and exterior renovation on the asset prior to sale.”
Spanning nine acres, Activity Business Center consists of single- and two-story buildings located at 9235-9265 Activity Road and 9520-9530 Padgett St.
According to Cushman & Wakefield’s research, Miramar’s industrial sector continues to thrive. Vacancies have fallen from 6.1% in 2013 to 2% as of June, while rental rates have spiked 60% over the same time period.
Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California, together with Rick Reeder and Brad Tecca of the firm’s Capital Markets unit in San Diego handled the transaction.
Brant Aberg and Chris Duncan of VOIT Real Estate provided market leasing advising.