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Old Mill Assets Trade Hands

SAN MARCOS, CA-The Betty Free Family Partnership shells out $2.1 million for three units in the Old Mill Industrial Park. The industrial assets, known as units 1, 2 and 6, are situated on a 27,614-sf site here.

By Erin Cassin | Updated on April 01, 2004

SAN MARCOS-The Betty Free Family Partnership has acquired three industrial assets located in San Marcos’ Old Mill Industrial Park for a total of $2.1 million.The assets, known as units 1, 2 and 6, stand on a 27,614-sf parcel located at 253 Pawnee St. within the Old Mill industrial development. Units 1 and 2 are presently occupied by Lancer Orthodonics, while unit 6 is leased to Amana/Goodman. Lancer Orthodonics recently inked a new five-year agreement to rent its Old Mill space, which houses manufacturing and distribution operations for the maker of orthodontists’ parts. Amana/Goodman, meanwhile, houses its distribution facilities in unit 6. The tenant is a national distributor of HVAC parts for buildings.Jim Benson of Coldwell Banker Commercial North County acted on behalf of the Betty Free Family Partnership. Seller L&T Corp. was represented by Jim Garvin and Rob Gunness of CB Richard Ellis.”For the first time since 1996, demand for San Diego County industrial space matched supply” in 2003, according to the Outlook 2004 report by Burnham Real Estate, with the firm’s researchers adding that “the market is well into the recovery phase of the real estate cycle.” While investment acquisitions, like the recent San Marcos purchase by the Betty Free Family Partnership, still account for the majority of industrial sales in San Diego County, user/owner transactions are gaining ground. User/owner acquisitions comprised 36% of the $561 million in industrial sales here in 2003, according to the Burnham Real Estate report.

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