First Industrial Acquires $77m Distribution Facility In San Diego
8 Aug, 2007, San Diego, CA
Premier quality industrial facility trades hands in tight market
First Industrial Realty Trust, nation’s leading provider of diversified industrial real estate, has acquired a 424,766-square-foot warehouse and distribution facility at 4000 Ruffin Road in Kearny Mesa, California. Rick Putnam and Jeffrey Cole from Cushman & Wakefield’s Southern California Capital Markets Group represented the seller, a fund advised by DRA Advisors LLC, in the transaction valued at $77 million. DRA Advisors LLC is a New York-based investment advisor specializing in real estate investment and management services for institutional and private investors. Landmark Asset Management Group was DRA's operating partner and property manager. Burnham Real Estate’s Mickey Morera and James Duncan were also on the marketing team.
100-percent occupied at the time of sale, the facility is home to Sharp Healthcare, Cal-State Auto Parts and Alexander’s Mobility Services. It sits on 19 acres of land and boasts a central, strategic location less than eight miles from the San Diego Airport and ten miles from the San Diego Port facilities. Built in two phases in 1979 and 1980, it is the largest facility of its kind in the Kearny Mesa sub-market of San Diego.
“Kearny Mesa is a highly-desirable investment sub-market in the San Diego area,” says Putnam from Cushman & Wakefield. “Vacancies are low, new industrial development is constrained and rents are projected to escalate faster than in surrounding sub-markets. This building will uniquely benefit from those dynamics given its size, tremendous location and excellent functionality for central San Diego tenants.”
Cushman & Wakefield is the world’s largest privately held real estate services firm. Founded in 1917, the firm has 201 offices in 55 countries around the globe, and more than 12,000 professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. These solutions include helping clients to buy, sell, finance, lease, and manage assets. C&W also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, please call 1-858-597-5960, or visit the firm’s Web site at www.cushmanwakefield.com.