Buyers Target San Diego Industrial Sites

ESCONDIDO, CA-Snow-Wyne Industrial Park, a California general partnership, has acquired the four-building, 86,327-sf Centerpark Business Plaza for $8.7 million. Snow-Wyne acquired the property from Fowler Flanagan Centerpark Associates. It’s among three industrial properties to change hands recently in the San Diego area. The multi-tenant Centerpark industrial park is located on 4.7 acres on Simpson Way, near the intersection of SR-78 and Interstate 15 and was 100% leased upon close of escrow. Suites range from 1,100 sf to 7,470 sf. Centerpark has 28 tenants including BMW Motorcycles of Escondido, Nemo’s Bakery and North County Moving and Storage. The four-building park saw two of its buildings built in 1978 with the other two going up in 1990. The property recently underwent renovation.Jay Alexander and Daniel Knoke of Colliers International and Joe McDermott of Coldwell Banker Commercial represented the seller. Bryce Aberg of Grubb & Ellis/BRE Commercial and Chris Coyte of Lee & Associates represented the buyer. In 2001, Fowler Flanagan acquired the property for $5.3 million. Alexander and Knoke of Colliers International and McDermott of Coldwell Banker Commercial also brokered that transaction. In a second deal, Diamond I LLC paid $6 million for a 65,000-sf industrial building located at 1081 Poinsetta Ave. in Vista. Diamond I, with Wayne Loftus serving as managing member, acquired the property from the McCurdy Family Trust. The property is leased to VQS Printing. Jon Busse of Colliers International represented the buyer. Jerry Sarazin also of Colliers International represented the seller. According to a report by Colliers International, the acquisition of Poinsetta Avenue property is a “a partial up-leg exchange for the 64-unit Camelot Mesa Townhome apartment property.” That property is located at 10208 Maya Linda Rd. in San Diego and was sold by Diamond I LLC in May for $13.5 million. Busse brokered the deal. He also represented Diamond I LLC earlier this month in another up-leg exchange acquisition of the 248-unit Pavilions at Arrowhead apartments, located at 7400 West Arrowhead Clubhouse Dr. in Glendale.In a third deal, Mad Engine Inc./Zimbabwe Properties LLC LLC has purchased a 120,022-sf industrial building located at 6650 Top Gun St. in San Diego for $11 million. The buyer plans to use the property for a full-service screen-printing company with an in-house art studio.Burnham Real Estate Oncor International’s Mickey Morera, Jed Stirnkorb and James Duncan represented the buyer. Steve Rosetta of Corporate Real Estate Advisors represented the seller, West Top Gun LLC.