CapRock acquires 26-acre site in San Diego
CapRock Partners has acquired a 26-acre land site in the Sorrento Mesa neighborhood of San Diego. Acquired from a private investor, this site will enable CapRock to provide build-to-suit solutions for industrial tenants or develop several speculative industrial buildings to satisfy pent-up demand in one of San Diego’s tightest industrial submarkets.
This transaction follows CapRock’s two recent acquisitions totaling 250,000 square feet. The 91,000-square-foot acquisition of surplus corporate real estate in Scripps Ranch is currently undergoing major renovations, with completion slated for September. CapRock also is nearing completion on the renovation of 158,000 square feet of industrial space in Vista. Both are currently available for tenants.
“With a less than 3 percent industrial vacancy rate and diverse economy fueled by the defense, technology, tourism, biotech and telecom sectors as well as the area’s population growth, San Diego’s logistics needs are only continuing to grow,” said Bob O’Neill, senior vice president of acquisitions at CapRock Partners. “This site presents a prime opportunity for tenants seeking custom last-mile logistics, manufacturing and other industrial uses, and CapRock will continue to seek additional acquisition opportunities in this high-demand, land-constrained market.”
The site is centrally located on Nancy Ridge Road with convenient access to I-805 and I-15 as well as Carroll Canyon Road, a major arterial. A prime infill location, it sits near the border of Sorrento Valley and Miramar in close proximity to Qualcomm’s headquarters, ThermoFisher Scientific and a FedEx distribution center.
