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CapRock Transforms Challenging San Diego Industrial Building
Newport Beach, CA-based CapRock Partners completed the repositioning of its Old Grove asset, an 85,824-square-foot freestanding industrial property, located on a 5.4-acre site within the Scripps Ranch area of San Diego. CapRock Partners acquired the property in January 2018 as a strategic addition to its value-add portfolio.
The functionally-obsolete, 35-year-old property at 10054 Old Grove Rd., roughly 15 miles north of Downtown San Diego, had never previously been available. The top-to-bottom renovation plan improved the property, and brought it to Class A status by fundamentally transforming multiple aspects of the building.
CapRock Partners’ Nicholas Ilagan says, “We completely reimagined the building’s exterior, parking areas, landscaping and entry plaza in order to provide a sense of arrival for a future tenant. Extensive renovations to the interior office areas brought natural light to the space, along with new high-end Class A office finishes not typically found in industrial buildings.”
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