June 13, 2019
Denver-based Black Creek Group sold the Chula Vista Industrial Center in San Diego to a partnership of New York-based KKR and Chicago-based Alpha Industrial Properties for $25.7 million.
The two-building 158,138-square-foot Class A multi-tenant project is situated on 11.93 acres at 1669 and 1675 Brandywine Ave. The early 1990s era buildings offer above-standard loading capabilities, 24-foot clear heights, automatic wet sprinkler systems, and concrete truck courts.
Cushman & Wakefield’s Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey, and Devin Muna represented the seller.
Cole says, “This sale is additional proof that the Greater South County Industrial Market is becoming more and more attractive to both institutional and corporate capital. These groups are being drawn to the newer product availability, major new infrastructure projects and currently the most active tenant submarket in San Diego.”
The buyers recently acquired an asset in the same center along with another in San Dimas for a combined $33.5 million.
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