CapRock Partners has sold Old Grove asset, an 85,824-square-foot freestanding industrial property in the Scripps Ranch area of San Diego. Situated on a 5.4-acre site, CapRock sold the institutional-quality, class A facility to a high-net-worth individual for an undisclosed amount. The property is currently fully leased by Manscaped, which creates products for men’s grooming needs.
“Back in 2017, our team saw the diamond in the rough in this Old Grove asset, which sits in a submarket that boasts vacancy rates as low as 4.1 percent, a number that has held relatively steady through the COVID-19 pandemic,” said Nicholas Ilagan, senior vice president, asset management, at CapRock Partners. “Old Grove is a shining example of how a well-executed, value-add business plan can deliver a much-needed institutional-quality industrial product to an infill market where demand is outpacing supply. We feel extremely privileged to support the region’s needs during a time when a pande
