Aardema Family Trust has acquired the property, which it plans to hold as an investment. Encompassing 55,450 sf, the asset is located at 4255 Ruffin Rd.
Mickey Morera, Mark Wayne and Lynn LaChapelle acted on behalf of both Aardema Family Trust and seller W9/PC Real Estate LP in the recent transaction.
San Diego County's usually healthy industrial market has been sluggish in recent months, with both negative net absorption and the overall vacancy level rising during the first half of 2003. "Occupancy declined in every building type this year, with the exception of distribution, which posted the only positive net absorption of note, at 249,056 sf absorbed year-to-date," according to a second quarter report published by BRE Commercial/NAI. In addition, the industrial vacancy level increased 1%, from 8% in quarter one to 9% in quarter two, the BRE Commercial/NAI research says.
Despite the continued rise in both negative net absorption and the overall vacancy rate, researchers at BRE Commercial/NAI have an optimistic outlook when it comes to the county's industrial market. They say the quarter two overall vacancy level of 9% is "still fundamentally healthy when compared to the last five years' average of 7.4%."
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