Lincoln Property Co. has sold the fully leased 72,220-square-foot industrial facility on 2.32 acres in central San Diego, Calif., for $16.3 million.
The multi-tenant facility located at 5260 Anna Avenue was acquired by a private, high-net-worth family office out of Los Angeles as the upleg for their 1031 Exchange.
“5260 Anna is a best-in-class multi-tenant industrial building and one of San Diego’s most unique investment opportunities in one of its most innovative submarkets, Morena,” said Bryce Aberg, executive managing director. “The property is 100 percent leased to two well established tenants, together providing stable in-place income and secure cashflow. The property may also lend the potential for value enhancement through increasing the current under market rents.”
He added, “The property has benefited from the influx of retail businesses targeting the Morena submarket catering to the University of San Diego college base. The area has seen multiple new ground up construction projects and redevelopments which have attracted many of San Diego’s top restaurants and amenities. Furthermore, the new Morena Corridor Specific Plan looks to help transform the immediate area into a pedestrian-oriented village.”
Centrally located, 5260 Anna is positioned amid a cluster of largescale corporate industrial users. The property sits near the new Tecolote Trolley Station, which is under construction, and other transit, and it is a short drive to the region’s core freeway network, including within one-mile of interstates 5 and 8. It is also just minutes from San Diego International Airport and Port of San Diego.
According to the latest Cushman & Wakefield research, San Diego industrial market fundamentals remain solid, with countywide industrial direct vacancy in the mid 4 percent range as of mid 2019, while having experienced nearly 45 percent rent growth overall since 2013.
