A Bay Ho distribution facility was part of a $46.3 million sale and leaseback deal, according to a real estate brokerage.
The center, at 5959 Santa Fe St., was built in 1980 and is 131,299 square feet.
CBRE‘s Matt Carlson, Hunter Rowe, Sean Williams, Roger Carlson, along with the company’s national partners, west team members Barbara Perrier and Joe Cesta, represented the seller in the transaction. The buyer, LBA Logistics, represented themselves.
The 7.1-acre site has been the primary beverage distribution center for Anheuser-Busch. Its proximity to I-5 allows convenient access to all of San Diego County.
“Despite the challenging market dynamics, the sale process was highly competitive with major national and regional players. The depth of bidders is a further testament to the strength of the Central San Diego market and the quality of the asset,” Carlson said.
The Central San Diego industrial market closed out the third quarter with negative net absorption and, year to date, over 8.7 million square feet of leasing activity. The strong level of overall activity and tenant demand has driven the direct vacancy rate to a near-historic low of 2%.
“Investor appetite for well-located, quality and infill distribution assets geared for last-mile distribution has never been more robust, particularly assets near desirable coastal communities where land values have increased exponentially,” Rowe said.