PacVentures Divests Chula Vista Industrial
Orange County-based Rethwisch Enterprises, LLC acquired a 79,611-square-foot, single-tenant industrial building in Chula Vista, CA from an affiliate of San Diego-based PacVentures, Inc. for $9.4 million
PacVentures had acquired the asset in 2012 for $3.2 million, and subsequently completed a significant modernization program. At the time, the building’s tenant, Nypro San Diego, had one year remaining on its lease, and during that same time period it was acquired by Jabil. The improvements helped Nypro decide to extend its lease for eight years.
Colliers International’s Paul Lafrenz represented the seller. Ashwill Associates’ Steve Brackman represented the buyer.
Lafrenz notes it was a risky move to acquire an asset without long-term tenancy in place. He says, “With San Diego’s booming industrial market today and retention of the tenant, PacVentures enjoyed a great win on this investment.”
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