Poway Industrial Asset Sells for Nearly $7M

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.”