John Morally Living Trust has acquired the recently completed property from Oceanside Industrial Venture LLC. Located at 4695 North Avenue, the concrete tilt-up features dock and grade-level loading. It will be used to headquarter the buyer's company, MWI Wholesale Plumbing.

The buyer was represented by Kent Moore of BRE Commercial/NAI. Jim Spain and John McFadyen of Colliers International acted on behalf of the seller.

The North Avenue sale comes as the Oceanside industrial sector continues to hold steady amidst some dips in other regions of the North County industrial market. Oceanside reported both positive net absorption and a drop in vacancy rates for the fourth quarter of 2002, even while other areas of the North County market struggled, according to research by BRE Commercial/NAI. "Vacancy rates dropped two percentage points to 8% overall for Vista, Escondido, Oceanside, San Marcos and Carlsbad while Rancho Bernardo and Poway experienced a three to four percent increase by quarter four," the BRE Commercial report says.