Kearny Makes Major San Diego Inroads

SAN DIEGO-Kearny Real Estate Co. is bullish on the greater San Diego market. The firm has acquired a 160,000-sf industrial building in Temecula for $13 million. The property is located on 11.47 acres.

The deal is the second recent major pickup in the San Diego area for Kearny. Last month, the Los Angeles-based firm acquired 311.4 acres of raw land in Otay Mesa for $23.3 million.

For the Temecula buy, Kearny acquired the 100% occupied space through its $100 million Kearny Industrial Fund. Built in 1991, the facility serves as the headquarters for Walker Wood Products Inc., a family-owned cabinet manufacturing company that serves Southern California homebuilders. The deal was structured as a sale-leaseback with Walker agreeing on a 10-year deal. Pat Scruggs, Gary Stache, Anthony Delorenzo and Rob Gunness of CB Richard Ellis represented both parties.