Rocky Point Distribution Center Acquired by Mississippi-Based EastGroup Properties
SAN DIEGO, Calif., December 23, 2019 – Cushman & Wakefield today announced the firm has brokered the sale of Rocky Point Distribution Center, a brand new 226,691-square-foot Class A, multi-tenant industrial facility in Oceanside (San Diego), California. The buyer was EastGroup Properties headquartered in Jackson, Mississippi. The seller was Black Creek Group headquartered in Denver, Colorado. The property sold for an undisclosed price.
Bryce Aberg, Jeffrey Cole, Jeff Chiate, Mike Adey and Zach Harman with Cushman & Wakefield’s San Diego and Orange County offices represented the buyer in the off-market transaction.
“We maintain a positive outlook on San Diego’s future as a leading and growing industrial market, along with the region’s strong demographics, continued overall economic growth and an incredible environment that all make it so very attractive,” said Ryan Collins, Senior Vice President of EastGroup Properties and based in the firm’s Los Angeles office. “Rocky Point Distribution Center delivered a high quality, new construction facility and is an ideal addition to EastGroup’s existing San Diego industrial portfolio. We look forward to servicing the existing tenants of the building and welcoming the new. We also thank the Cushman & Wakefield team for their efforts in this transaction.”
Bryce Aberg, SIOR Executive Managing Director, said, “In addition to its physical characteristics, the project is positioned in a strong market and surrounded by many global-leading corporate neighbors. The North County location also provides great logistics accessibility throughout the Southern California region.”
Aberg added, “North County’s industrial composition has greatly evolved, particularly through a strong wave of new construction projects, which Rocky Point is certainly a part of. Additionally, Oceanside has been a market leader for industrial growth, in both North County and the entire San Diego region which has, through the fourth quarter, also continued its growth trend in 2019.”
Comprising two buildings located at 1291 & 1322 Rocky Point Dr. and situated on 14.35 acres in San Diego’s desired North County, the Rocky Point Distribution Center completed construction in June 2019. The buildings include a 109,163-sf building (1322) and a fully leased 117,528-sf building (1291). The property was approximately 52% leased overall at time of sale, to a strong industrial tenant mix that includes Wayfair Logistics. The two-building project is part of a larger, prestigious group of five buildings originally known as the Pacific Coast Collection.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About EastGroup Properties
EastGroup Properties, Inc. (NYSE: EGP), an S&P MidCap 400 company, is a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States with an emphasis in the states of Florida, Texas, Arizona, California and North Carolina. The Company’s goal is to maximize shareholder value by being a leading provider in its markets of functional, flexible and quality business distribution space for location sensitive customers (primarily in the 15,000 to 70,000 square foot range). The Company’s strategy for growth is based on ownership of premier distribution facilities generally clustered near major transportation features in supply-constrained submarkets. EastGroup’s portfolio, including development projects and value-add acquisitions in lease-up and under construction, currently includes approximately 45.4 million square feet.