Located on a 19.6-acre parcel, the industrial complex consists of seven buildings that stand at 10802, 10804, 10808 and 10946 Willow Ct., as well as 10895 Thornmint Rd. Constructed in 1990 and 1991, the property features flexible, divisible space ranging from 7,795 sf to 93,646 sf. It also includes 24-foot clear heights; truck aprons of up to 148 feet; dock and grade level doors; and 1.5 parking spaces per 1,000 sf. The complex is currently 72% occupied by tenants such as General Atomics Aeronautical Systems, TRW, Cymer and Gen-Probe.
A Colliers International brokerage team consisting of Brian Driscoll, Jay Alexander, Eric Northbrook and Chad Urie acted on behalf of both the buyer and the seller, U.S. Crossroads Associates in care of Mitsui Real Estate Sales U.S.A. Colliers is also handling leasing at the project.
The Crossroads complex is the fifth asset that Colliers has sold on behalf of Mitsui, as the company is currently liquidating the majority of its property in Southern California, according to Alexander. The industrial park, which was listed for three months, received 18 offers while it was on the market, Alexander tells GlobeSt.com.
The buyer felt that the complex was an "undervalued asset" due to the limited amount of land available in the market, combined with the scant number of competitors for that product type here and the population growth currently occurring within a five-mile radius of the property, Alexander explains. "The pieces all fit," he says, adding that land values are so high here that "you could never replicate this project." In addition, Rancho Bernardo is experiencing increased demand for industrial space from both defense firms and technology companies located here.
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