Rose Canyon Business Park, a 232,863-square foot, multi-tenant industrial park, has been sold, according to local real estate brokers.
Phillip Linton of the CBRE Capital Markets Division in San Diego represented the buyer, Vertical Ventures. Jeff Chiate, Bryce Aberg, Jeff Cole, Rick Ellison, Mike Adey, and Zach Harman of Cushman & Wakefield‘s National Industrial Investment Advisory Group in Southern California represented the unnamed seller.
Neither firm disclosed the price for the park, at 4901-4907 Morena Blvd.
Vertical Ventures, a Bay Area investor, developer and operator of commercial real estate assets, has actively acquired multi-tenant industrial parks.
“We believe that maintaining a supply of workspace for small business is both critical to local economies and a strong investment strategy,” said Vertical Ventures’ Senior Vice President Mark Heavey.
The business park, built starting in the late 1970s, is the fifth such multi-tenant property sourced for Vertical Ventures by Linton. The site has 15 one- and two-story buildings spread across 38.12 acres and has recently undergone external renovations.
The property is at 99.52% occupancy and offers suites ranging from 500 to 5,000 square feet.
“The project’s central location … provides an advantageous position within the industrial market which continues to experience high tenant demand and strong rent growth,” Aberg said.