Realterm announced today the acquisition of a 104,510-square-foot highly functional industrial distribution facility located at 7995 Armour Street, San Diego, California. The 10-acre property is 10 miles north of downtown San Diego and has 16 loading positions.
The newly renovated facility is located in Kearny Mesa, San Diego's most sought-after industrial submarket. Comprised of one industrial building, the property features concrete tilt up construction, well designed ingress/egress, efficient warehouse and office layouts, dock and grade loading capabilities, and ample parking.
"This is a continuation of our strategy to acquire the best final mile facilities in the top metropolitan areas where market fundamentals are projected to outperform the broader U.S.," said Stephen Panos, Senior Vice President, Fund and Asset Management, Realterm. "It was an attractive offering and a perfect addition to the Realterm Logistics Income Fund portfolio."
The facility is ideally situated along the state route 163, providing seamless access to San Diego’s major thoroughfares and the region's freeway infrastructure via I-15 and I-805 located just a few blocks away.
"Kearny Mesa is the gold standard of infill San Diego industrial real estate," said Blair Duncan, Associate Vice President, Western Region Acquisitions, Realterm. "This building has differentiated functionality with final mile access to highly affluent population centers."
Highlights of the property include:
- Square feet: 104,510 SF
- Land area: 10 acres
- Loading positions: 16
- Access: I-15 and I-805
The facility is fully leased to the world's largest multi-national online retailer. Cushman & Wakefield facilitated the transaction.