Newmark: Hosts $ 147.5 Million Sale of Industrial Distribution Project – North County Corporate Center – in San Diego, California
October 8, 2021 9:00 AM
Newmark¹ announces that it has arranged the sale of the North County Corporate Center (“NCCC”), a five-building, 493,898 square foot institutional-grade industrial campus in Vista, California.
Newmark’s executive managing directors Bret Hardy, Jim Linn, Andrew Briner and Brunson Howard and co-head of US capital markets Kevin Shannon represented the seller, Barings, one of the world’s leading investment managers. The buyer was Black Creek Group.
NCCC is widely known as the largest purely industrial distribution project in North San Diego County, and is located in a distinctive and high-profile business park environment. The property has modern construction features suitable for the market including 26 foot clearances, ESFR and ESFR compatible sprinkler systems, plentiful loading at dock height, large truck stations and modern offices.
“The North County Corporate Center is the largest purely industrial distribution park in North County San Diego. The property is 100% occupied and offers strong onsite cash flow thanks to a diverse rental list with six credit tenants and phased lease expiries. said Hardy. “In addition, below-market rents and the expected growth in hyper-inflationary industrial rents make this project an ideal base investment for Black Creek Group.”
The project is designed to meet a wide variety of unit sizes, tenants and uses with suites ranging in size from approximately 21,000 to 123,000 square feet and buildings ranging from 71,464 to 123,270 feet squares. This range of suite and building sizes allows for both single-tenant and multi-tenant occupancy and allows tenants to expand within the park.
North San Diego County Market has a population of 4.5 million within a 50-mile radius and offers easy access to greater San Diego, Orange County, Los Angeles, and the Inland Empire via highways I-5, I-15 and SR 78.
San Diego County includes more than 165 million square feet of industrial inventory with a vacancy rate of 4.5% in the second quarter of 2021, according to Newmark Research. The market has experienced eleven consecutive years of positive absorption. Rents are expected to continue to rise as competition for new and existing industrial space intensifies.
dba Newmark Knight Frank in California
Newmark Group, Inc. (Nasdaq: NMRK), along with its subsidiaries (“Newmark”), is a global leader in commercial real estate, seamlessly fueling every phase of the property lifecycle. Newmark’s full range of services and products are uniquely tailored to suit every customer, from owners to occupants, investors to founders, and startups to blue chip businesses. Combining the platform’s global reach with market intelligence in established and emerging real estate markets, Newmark provides superior service to clients across the industry. Newmark generated revenues of over $ 2.2 billion for the twelve months ending June 30, 2021. The offices owned by the Newmark company, as well as its business partners, operate from more than 160 offices with approximately 6,200 professionals worldwide. To learn more, visit nmrk.com or follow @newbrand.
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