SAN DIEGO—Cushman & Wakefield has been named exclusive agent for the sale of Pacific Technology Park, a five-building, 31-acre industrial asset here. Jeffrey Cole, Jeff Chiate and Ed Hernandez, based in the commercial real estate services firm's Irvine, office, are heading the assignment.
Pacific Technology Park includes 544,000 square feet of class A hybrid flex/R&D and warehouse/distribution space in a corporate business park environment. Located at 9389 – 9477 Waples Street, less than two miles from the CA-805 Freeway, the master-planned and institutionally owned campus features freestanding buildings ranging from 96,800 to 132,000 square feet. At the same time, the property is broken into three distinct parcels, enabling future individual building sales.
“This property sits in the dynamic Sorrento Mesa submarket, and its offering provides the opportunity for an investor to secure a critical mass of quality coastal industrial space in a region with significant barriers to entry,” Cole said. “Pacific Technology Park features stable in-place cash flow with a balanced rollover schedule, as well as significant upside repositioning potential, which only add to its appeal.” In fact, Pacific Technology Park is 80% leased to 13 companies, with a number of credit tenants including Thermo Fisher Scientific, Qualcomm, Novartis, Raytheon, Ajinomoto Co. and Cintas.
Pacific Technology Park already is drawing significant attention, a reflection of the region's investment appeal. “Commercial real estate sales in San Diego are continuing to trend upward in volume and pricing,” Cole added. “In 2014, 350 sale transactions closed, which represented a 15% year-over-year increase. The average price per square foot was $211, a jump of 10% over 2013 and the highest average in Southern California.”
Cole added that investor interest continues unabated, supported by strengthening fundamentals. “The Sorrento Mesa industrial direct vacancy rate reached a low, 6.7% during the first quarter of 2015,” he said. “And the regional outlook is positive. The scarce supply of available land and continued strong tenant demand will ensure its position as a prime target for the foreseeable future.”
Based in Rosemont, IL, and with local representation nationwide, Cushman & Wakefield's Logistics & Industrial Services platform provides global resources and local expertise for tenant and landlord representation, disposition and acquisition services, transaction management, and industrial consulting including labor and demographic analysis.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
