Hines Nabs Activity Business Center in Miramar

Activity Business Center, a five-building multi-tenant industrial asset totaling 161,168 square feet in the Miramar submarket of San Diego, recently sold to Hines. The seller was BKM Capital Partners and the price was undisclosed. The portfolio was approximately 90 percent leased at the time of sale.

Cushman & Wakefield’s Bryce Aberg, Jeffrey Cole, Jeff Chiate, Zach Harman, Mike Adey and Ed Hernandez of the industrial investment advisory group in Southern California worked with Rick Reeder and Brad Tecca of the capital markets group in San Diego to represent both buyer and seller in the transaction. Aberg and Chris Duncan of Voit Real Estate also provided market leasing advisory.

“Activity Business Center is well leased to an array of companies that collectively provide secured cash flow and offered a great opportunity to acquire a sizable multi-tenant value-add industrial asset in a coveted industrial submarket in San Diego,” said Aberg. “Adding to the property’s appeal and value, BKM Capital Partners recently completed a multi-million-dollar interior and exterior renovation on the asset prior to sale.”

Spanning 9 acres, Activity Business Center consists of five one- and two-story buildings located at 9235-9265 Activity Rd. and 9520-9530 Padgett St.

According to Cushman & Wakefield, Miramar’s industrial sector continues to thrive. 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.