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Foremost Picks Up Napoli Business Park for Nearly $15M

POWAY, CA-The 112,062-sf asset contains R&D, office and industrial space. Comprised of six facilities, it is 90% leased to clients including Expanets and Vision Scape Imaging.

By Erin Cassin | Updated on May 13, 2004

POWAY, CA-Napoli Business Park is now under new ownership, as Foremost Business Parks LLC has acquired the mixed-use asset in a transaction worth $14.5 million, which has closed with an 8% cap rate.Located at 12720-12860 Danielson Court in Poway, the property is comprised of six facilities that encompass a total of 112,062 sf of R&D, office and industrial space. The complex is currently 90% leased to tenants that include Expanets, Vision Scape Imaging, Aetrium/Trellisware and Irdeto Access.The sale was an “off-market transaction,” according to Harry Stone of the San Diego office of Voit Commercial Brokerage, who acted on behalf of seller One Governor Park Office Building LP. He explains that the property had been briefly listed, but was not being actively marketed when talk of selling it started up again. “The whole motivation was for the seller to get out of multi-tenant properties,” Stone tells GlobeSt.com., adding that “it was a dissolution of a partnership that owned about four properties, all multi-tenant in nature.”Foremost Business Parks LLC was attracted to the asset primarily because of its location, Dan Vittone of Voit’s Irvine office tells GlobeSt.com. Vittone, along with Voit colleague Alan Pekarcik, represented the buyer. Napoli Business Park “is a recently constructed project, about four years old or so, and it’s located in a very good submarket,” Vittone explains. He says Poway is “showing resemblances of the growth that was evident in the Irvine Spectrum in Orange County,” pointing out that the submarket has significant residential support, with home prices here starting at around $500,000 to $600,000. “There’s a strong belief that this submarket will do very well,” Vittone notes.

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