A renovated 104,510-square-foot distribution facility on more than 10 acres in Kearny Mesa has been sold for $64.24 million, according to the real estate firm Cushman & Wakefield.
Prior to the sale, the former owner, Lincoln Property Company, completed significant capital improvements and repositioning of the asset, which was originally built in 1980.
Realterm Logistics, owner and manager of facilities serving the transportation industry, purchased the site. Realterm is based in Annapolis, Maryland.
Cushman Executive Managing Director Bryce Aberg, along with Vice Chairman Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of the firm’s National Industrial Advisory Group, represented the seller, a real estate fund managed by Dallas-based Crow Holdings Capital.
“This was a very attractive offering of a critical-mass facility with an irreplaceable in-fill location in the heart of San Diego while supported by an ideal high-credit global tenant,” Aberg said.
Located at 7995 Armour St. off Kearny Mesa Road, the Class-A property features warehouse and office layouts, dock and grade-loading capabilities and ample parking.
The facility, positioned along state Route 163 freeway near the Highway 805 interchange, sold two years ago for $30.3 million, according to the San Diego Business Journal. It has served as a Pepsi Bottling Group facility.
“Southern California’s industrial/distribution sector remains white hot, driven by a multitude of industries including e-commerce. New and/or renovated Class A facilities that are well leased or vacant, remain in high demand by investors due to strong ongoing and future tenant demand,” Chiate said.