Search
 

Poway Industrial Asset Sells for Nearly $7M

POWAY, CA-Parkway Center Associates LLC acquires the 71,144-sf facility from Pacific Starr Group, with plans to operate its cutlery distribution business here. The property will house corporate offices and distribution for the business, known as Moteng.

By Erin Cassin | Updated on August 24, 2004

POWAY, CA-In an owner/user purchase of a local industrial asset, Parkway Center Associates LLC shelled out more than $6.5 million for a 71,144-sf facility located at 12220 Parkway Center Dr.The buyer plans to move its distribution business, known as Moteng, into the newly acquired property. The facility will house corporate offices and distribution operations for Moteng, which is a distributor of cutlery, camping gear and other outdoor products, according to Mickey Morera of Burnham Real Estate Oncor International. Morera acted on behalf of the buyer in the recent transaction. He, along with Burnham colleagues Matt Kelly and James Duncan, also represented seller Pacific Starr Group.The seller decided to divest of the asset “because the owner/user activity is strong and the leasing market was a little soft,” Morera tells GlobeSt.com. According to the Burnham broker, the asset was listed for about 18 months as either a for-lease or for-sale opportunity. “We had a couple of offers prior to this one, but the seller wanted $6,550,000 and this was the only buyer to step up to that number,” Morera says. Built in 1998, the industrial facility fronts Scripps Poway Parkway, which gives it “good exposure,” according to Morera. The asset features 28-foot clear heights, five dock-high loading doors, six grade-level doors and 20% office space. “The owner/user market in Poway continues to be very strong and we’re encountering a lack of supply right now,” Morera tells GlobeSt.com. “There’s strong demand, but a severe lack of supply.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.