Eight-building industrial park in Oceanside
The eight-building Copperwood Center industrial park in Oceanside, which also includes some retail, was sold for $20.05 million, according to CBRE Group, Inc.
The transaction was part of a 1031 exchange, the details of which weren't immediately available.
The buyer was listed as CB Copperwood LLC of Newport Beach.
The seller was listed as Focus Real Estate, another Newport Beach-based firm.
CBRE's Matt Pourcho, Anthony DeLorenzo, Gary Stache and Doug Mack represented Focus Real Estate in the sale.
Paul Lafrenz, Josh McFadyen and Joe Crotty of Colliers International’s San Diego region represented the buyer, CB Copperwood, LLC. Josh McFadyen of Colliers International was reported to be handling the leasing for the property at the time of the sale.
Copperwood Center, located at 3365, 3375 and 3385 Mission Avenue and 101, 102, 105, 106 and 110 Copperwood Way, was originally built in 1984. The property was 97 percent leased to 64 tenants at the time of the sale.
Tenants of the 140,945-square-foot industrial park include SAIC, World Tuned Radio, Conehead Investments LLC, Focus Oceanside LLC, Dare to be Fit, and Endless Summer Heating & Air, according to CoStar.
Copperwood Center features visible signage for each unit and has more than 350 parking spaces. The property also is within walking distance to many dining and retail amenities, including some retail that was part of the sale.
CoStar said the retail part of the sale is located at 3365, 3375 and 3385 Mission Avenue. The 13,810-square-foot space at 3365 Mission Avenue included such tenants as Sevendays Food Market and Coast to Coast Drones.
The 15,632-square-foot space at 3375 Mission Avenue had Extreme Power Gym and Steel Guitars of North County as tenants, according to CoStar.
The 5,307-square-foot space at 3385 Mission Avenue housed the Women's Resource Center Thrift Store at the time of CoStar's survey.
The property is adjacent to State Route 76, and it is five miles from Camp Pendleton, "housing more than 68,000 military personnel that supplies the Oceanside industrial market with a stable workforce," according to CBRE.
"The opportunity to acquire a stabilized multi-tenant industrial park in the extremely tight industrial submarket of North County San Diego is very rare," CBRE's Pourcho said. "Copperwood Center is a tremendously desirable asset given its strong historical occupancy, below market rents and proximity to major freeways. The CBRE team was able to secure a sale price that reflects the property's unique value and strong upside."
San Diego County's industrial market has only continued to strengthen. By CBRE's accounts, third quarter leasing activity reached the highest level since the third quarter of 2015, contributing to 546,054 square feet of net absorption.
"The San Diego industrial market is on track to post one of its strongest years of leasing activity on record, with year-to-date leasing activity already over 12 million square feet (gross leasing) through three quarters," CBRE stated.