SAN DIEGO – Oct. 8, 2015 – In an aggressive effort to secure industrial acquisitions in San Diego County where vacancies are low and rents are on the rise, Westcore Properties is purchasing a 67,681-square-foot industrial building in Scripps Ranch for $7.3 million.
The property, located at 10050 Scripps Ranch Court, is a prime example of the type of spaces in this tight submarket that are in high demand throughout the county.
“While this represents a small deal for Westcore, we were interested in it because of the strength of the underlying Central San Diego industrial market,” said Don Ankeny, president and CEO of Westcore Properties. “The market continues to see low vacancy rates and rising rents so we are excited to implement an exterior and interior rebranding and repositioning of this asset and look forward to securing a new tenant in short order.”
The seller, window manufacturer Skagfield, is leasing back the property through January 2016, and the property will undergo a major rebranding early next year. According to Ankeny, the rebranding will focus on positioning the building to attract research and development, manufacturing and technology tenants in the neighboring markets. The building also offers significant power, which is attractive to these types of tenants.
In this transaction, Cushman & Wakefield’s Todd Murphy represented Westcore while Bob Mooney with Colliers International represented the seller.