San Diego – CBRE announced that a vacant industrial building in Rancho Bernardo, San Diego has sold to a private buyer for $9.5 million.
Ryan Sparks and Bill Dolan of CBRE represented the seller, a private owner.
The 46,270 square-foot, freestanding building is located at 12375 World Trade Drive in the I-15 Submarket in San Diego County. The property features a fenced/secure yard, 24' clear height, two dock high loading positions, five oversized grade level loading doors, heavy power and ESFR fire sprinklers. The site also includes more than 100 parking spaces.
The property is less than two miles from I-15, which connects Rancho Bernardo to the rest of San Diego to the south and to Riverside County to the north. Both Carmel Mountain Plaza and Carmel Mountain Ranch Town Center are one mile southwest of the site, two popular shopping centers that feature many dining, retail and entertainment options.
“This building was not being marketed for sale, but due to our deep market knowledge and strong pulse on both user and investor demand, we were able to create a transaction that would not have otherwise happened,” said Sparks. “The buyer had been wanting to get into the Central San Diego industrial market and this was a great opportunity for them to do so. Rancho Bernardo is an excellent submarket with high barriers to entry and attracts tremendous demand from industrial users.”
The buyer, who was represented by an outside broker, plans to lease out the building. Colliers and CBRE plan to co-list the asset.
San Diego’s industrial market continues to demonstrate exceptional strength. Nine properties across four development projects were delivered in the second quarter in the greater San Diego area, totaling 584,366 square feet, according to a CBRE research report. More than 1.2 million square-feet of leasing of warehouse properties generated a positive net absorption of 293,238 square-feet during the quarter. Continued demand and new deliveries kept both low-finish and high-finish asking rates at all-time highs.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
