North Palisade Partners has acquired a 61,000-square-foot logistics facility on 1.4 acres in San Diego. The property, formerly a facility for AmeriGas and located at 9350 Miramar Road, was purchased for $5.5 million.

Colliers’ Evan McDonald represented the buyer and CBRE’s Sean Williams, Tom Stone and Scott Gabrielson represented the seller in the off-market transaction. “This rare low coverage property is a great addition to the North Palisade portfolio. We fully expect to execute our business plan, update the property, and identify a user who will benefit from the high traffic count and excess yard capabilities,” said McDonald in a news release.

The property includes a 4,000-square-foot building which North Palisade plans on renovating and repaving and striping the site for Industrial outdoor storage use. The firm’s managing partner Joe Mishurda said, “We remain very bullish on high barrier-to-entry infill San Diego industrial submarkets as vacancy remains at historic lows and new supply is non-existent.”