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Crest Partners Acquires Parkway Centre One

POWAY, CA-The San Diego-based buyer acquires the R&D/light manufacturing facility from Pacific Starr-Danielson LLC for nearly $16.3 million. Located in Poway, the 126,720-sf property is currently 100% leased.

By Erin Cassin | Updated on June 04, 2004

POWAY, CA-San Diego investor Crest Partners has scooped up another property for its portfolio, having acquired Parkway Centre One for nearly $16.3 million from Pacific Starr-Danielson LLC. The R&D/light manufacturing facility, which was built in 1999, stands at 14100 Danielson St. in Poway.Seller Pacific Starr bought the asset in the same year it was built from the facility’s developer, The McMillin Cos. At the time, “this was one of three new product design centers for the tenant,” says Lynn LaChapelle of Burnham Real Estate, who brokered the transaction along with her colleagues Mickey Morera, Bob Prendergast and Ryan Gilbert. That original tenant, Electronic Solutions, is still occupying the facility with five years left on its lease. Pacific Starr was motivated to sell Parkway Centre One because it “could take advantage of the strong capital market,” LaChapelle tells GlobeSt.com. The building was on the market for approximately one month, had a 30-day due diligence and a 10-day close, according to the Burnham team. “It was a very smooth transaction,” LaChapelle says. Crest Partners, which acquired Parkway Centre One as part of a 1031 exchange, was interested in the asset because “it is a newer, well maintained property in a strong submarket of San Diego,” LaChapelle tells GlobeSt.com. She says Poway has recorded more than 5.2 million sf of new construction since 1996, but does not have any speculative industrial or R&D product currently being built.

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