Camino Santa Fe Biz Park Checks All Boxes for JV Buyer

The Camino Santa Fe Business Park, a seven-building multi-tenant industrial asset totaling 172,743 square feet in the Miramar submarket of San Diego, was acquired by an entity controlled by a joint venture between Hill Properties and Westport Capital Partners. The property also includes one developable land parcel.

The seller was a global investment manager. The park was approximately 91 percent leased at the time of sale.

Cushman & Wakefield’s Bryce Aberg, Jeff Cole, Jeff Chiate and Zach Harman together with Rick Reeder and Brad Tecca of the firm’s capital markets group in San Diego, represented both buyer and seller in the transaction. Cushman’s Brant Aberg and Ryan Downing provided market leasing advisory.

“With outstanding quality tenants, prime location and historically strong market fundamentals, the portfolio was a rare offering of a sizable multi-tenant industrial portfolio in one of the most desirable investment submarkets in San Diego,” said Aberg. “The asset is very well leased to a desirable and highly diversified tenant mix, together providing stable in-place income with attractive lease terms and a well-balanced tenant rollover profile.”

Developed between 1983 through 1990, Camino Santa Fe Business Park consists of six multi-tenant industrial buildings and one office building. The portfolio, which also includes a 0.76-acre developable parcel, is situated on a total of 14.18 acres.

According to Cushman & Wakefield, Miramar continues to experience robust demand for industrial space. Vacancy has fallen more than 400 basis points from 6.1 percent in 2013 to 2 percent as of second quarter 2021, while rental rates have spiked 60 percent in the same time period.