KKR / AIP Acquires 158,000 SF Multi-Tenant Class A Project
SAN DIEGO, Calif., June 12, 2019 – Cushman & Wakefield has advised Denver-based Black Creek Group in the sale of the Chula Vista Industrial Center in San Diego, California for $25.7 million. The Chula Vista Industrial Center is a two-building 158,138-square-foot (sf) Class A multi-tenant project situated on 11.93 acres in San Diego’s South County market. The property was acquired by the partnership of New York-based KKR and Chicago-based Alpha Industrial Properties (AIP). The project was 100% leased at the time of sale.
Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, and Devin Muna of Cushman & Wakefield’s San Diego and Orange County offices represented Black Creek Group, formerly Industrial Property Trust, in the transaction. The firm’s Ryan Spradling and Brant Aberg also provided local market advisory.
“Chula Vista Industrial Center has been meticulously maintained as evidenced by the current roster of quality tenants and historically high occupancy,” said Bryce Aberg, Executive Managing Director. “The project’s variety of suite sizes and build-outs appeals to a large variety of industrial users in addition to providing existing tenants ample growth opportunities within the project.”
He added, “San Diego remains a highly sought after region for companies, workers and residents, and South County remains a key contributor to San Diego’s thriving economy. Meanwhile, Chula Vista will soon expand its residential and retail amenity base making it even more appealing for not only companies and people but also investors—especially with land costs rising and scarce developable land.”
Jeffrey Cole, Vice Chair, said, “This sale is additional proof that the Greater South County Industrial Market is becoming more and more attractive to both institutional and corporate capital. These groups are being drawn to the newer product availability, major new infrastructure projects and currently the most active tenant submarket in San Diego.”
Located at 1669 & 1675 Brandywine Ave. and completed in the early 1990s, the buildings within the portfolio also offer above-standard loading capabilities, 24-foot clear height, automatic wet sprinkler systems in all suites, and concrete truck courts. Additionally, Chula Vista Industrial Center is located near Interstate 805 and along the north side of the U.S./Mexico border with direct access to one of the world’s busiest land border crossings.
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