Corp HQ Facility on Poway Goes for Near $14 Mil
An unnamed investor paid $13.9 mil for a 37.5k sf, ($371/sf) corporate headquarters and manufacturing facility in the central San Diego County city of Poway. The property is located at 13955 Stowe Dr, east of I-15 and just north of Scripps Poway Pkwy.
Built in 1999 and renovated earlier this year, the property is currently leased to Automation NTH, an automated manufacturing systems company. The tenant has access to on-site amenities including two dock-high and two grade-level loading doors, a 24-foot-high warehouse ceiling, ample parking lot with 88 parking spaces, 800-1,600 amps of power and a 3k sf wet fire suppression system.
The property was sold by Stos Partners. The company carried out capital improvements to the property including a new roof, HVAC system replacement within the warehouse, interior renovations, and exterior improvements to the parking lot and landscape and successfully secured a tenant to fully lease the space – all in less than a year of ownership.
Like many other industrial markets throughout Southern California, San Diego County has seen record-low vacancy rates in the most recent two quarters of this year, despite rising interest rates and rent prices, the latter of which have risen by nearly 24% over the past three years. In Q2, industrial vacancy rates were reported at 1.45%, with almost 914k sf of industrial space positively absorbed in that same quarter, notes Jason Richards, Principal at Stos Partners.
Stos Partners was represented by James Dunkin and Vickie Barrera from Kidder Matthews in the transaction. Rusty Williams and Chris Roth of Lee & Associates repped the buyer.
Article source: RENTV