SAN DIEGO—Realterm has acquired Bernardo Mesa Technology Center, a 180,946-square-foot warehouse at 16550 Via Esprillo here, from a joint venture between Walton Street Capital LLC and Greenlaw Partners, for $60.5 million. It's not often that large industrial assets sell in Southern California, especially in San Diego, making the transaction especially significant. Realterm tells GlobeSt.com the tenant is a leading global e-commerce company.
We were unable to determine before deadline to determine the new owners' plans for the property. Realterm is a vertically integrated owner and manager of high-flow-through logistics facilities serving the transportation industry. The company's core competencies include proprietary expertise in investment management, property management, construction, design and development, accounting and reporting.
Louay Alsadek, Darla Longo, Barbara Perrier, Michael Kendall and Hunter Rowe of CBRE Capital Markets acted as investment advisors in the transaction, while Brent Wright of CBRE provided leasing-market expertise. According to Alsadek in a prepared statement, “Single-tenant industrial projects of this size and quality are rare investment opportunities in San Diego.” He added that given its location in a prominent tech submarket and the stature of the credit tenant, the asset generated significant interest from investors.
Longo added, “Realterm has been actively acquiring strategic e-commerce facilities, and this is their second deal with this e-commerce tenant.”
Walton Street Capital is a private-equity real estate investment firm, and Greenlaw Partners is an Orange County, CA-based full-service real estate operating company.
Greenlaw is an active joint-venture investment partner in Southern California. As GlobeSt.com recently reported, Greenlaw partnered with Westbrook Partners to purchase Centerpointe La Palma, a 525,560-square-foot, 10-building business park in La Palma, CA, from an East Coast-based pension-fund advisor.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
