Buyer Yeatts Properties LLC, which specializes in furniture for military and prisons, has shelled out $1.6 million for the asset. Located at 7838 Wilkerson Ct., the facility encompasses 12,860 sf.
Yeatts Properties represented itself in the transaction. Mickey Morera of Burnham Real Estate Services ONCOR International acted on behalf of the seller, David Altomare.
Owner/user transactions like the recent Yeatts deal, along with build-to-suits for leases, accounted for 327,000 sf of positive net industrial absorption for San Diego County in the first quarter of 2003, according to a recent Burnham report. However, speculative industrial product experienced 571,290 sf of negative net absorption, giving the San Diego County industrial market an overall negative net activity of 244,290 sf.
Despite the negative net absorption, the industrial market recorded a healthy vacancy rate of 8.3% in the first quarter, Burnham's researchers say. They predict that the industrial market will recover by yearend, with projected absorption of 1.5 million sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
