SAN DIEGO, Calif. – June 7, 2018 – A fully leased 36,962-square-foot industrial property situated on 4.76 acres in Vista, California has traded for $6.2 million. Commonly known as Vista Pointe Plaza, the multi-tenant building is located at 2420 Grand Ave. in northern San Diego and was acquired by a private equity investor based out of neighboring Orange County. The property was the buyer’s upleg of a 1031 Exchange. The seller was American Properties I, LLC.
Mark Avilla and Peter Curry of the firm’s Private Client Investment Advisors team in San Diego, together with Rick Reeder and Brad Tecca of Cushman & Wakefield’s Capital Markets services also based locally represented both parties in the sale.
Mike Mulvehill of American Property Enterprises said, “We are extremely pleased with the combined effort and experience Cushman & Wakefield’s Private Client and Capital Markets teams brought to this transaction—they worked seamlessly together and were effective in making this a very smooth sale that delivered fantastic results.”
Mr Avilla said, “Vista Pointe Plaza is a highly desirable, institutional quality multitenant industrial property that provided the rare opportunity to acquire a true, incubator multi-tenant industrial project. Thoughtfully designed and developed in 1989 to accommodate the expanding base of small industrial tenants that thrive throughout North San Diego County, the building was more recently fully renovated in 2008 to also now represent one of North County’s most coveted business locations.”
He added, “This superior functional property is currently 100% leased to 16 tenants—each occupying less than 12% of the total rentable square footage—offering the buyer secure in-place cash flow at varying lease expirations in an advantageous market climate providing upside in rent achievement.”
Vista Pointe Plaza is prominently featured at the signalized intersection of Grand and Sycamore avenues. The property provides expedient access to a wide variety of amenities, Highway 78 and a significant concentration of residential housing units.
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