Firm leverages value-add experience to deliver vibrant property inÂ San Diegoâ€™s I-15 Corridor submarket
Newport Beach and San Diego, Calif. â€“ February 25, 2019 â€“ CapRock Partners, a California-based industrial real estate investment and development firm, today announced it completed the repositioning of its Old Grove asset, a 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 property was in a functionally obsolete condition at the time of purchase and had never previously been available. CapRock Partners implemented a top-to-bottom renovation plan to improve the property and bring it to Class A status.
â€œWhen CapRock acquired the Old Grove asset, the building was in need of extensive capital improvements,â€ said Bob Oâ€™Neill, senior vice president of acquisitions at CapRock Partners. â€œThe Central San Diego submarket is experiencing strong demand for industrial space with vacancy around a low 4.5 percent. With limited availability in the area, we identified an opportunity to reposition and add value to an underutilized building in a premier San Diego location.â€
The focus of the repositioning was to fundamentally transform multiple aspects of the over 35-year-old building. â€œWe completely reimagined the buildingâ€™s exterior, parking areas, landscaping and entry plaza in order to provide a sense of arrival for a future tenant,â€ added Nicholas Ilagan, vice president of asset management at CapRock Partners. â€œExtensive 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.â€
The propertyâ€™s design features a flexible floor plan to accommodate a variety of potential users. The site offers several layout options, an expandable secured parking area and alternative uses for the equipment yard such as employee recreation courts or an outdoor lounge. The property is now being marketed for single tenant use.
The two-story building provides 61,838 square feet of warehouse and a total of 23,986 square feet of newly renovated office space, of which 10,850 square feet can be converted into a laboratory. The facility includes five dock high loading doors and four grade level loading doors with 30 feet clear heights. Features include heavy power (4,000a 277/480v), and newly installed motion-sensor LED lighting. Large plate-glass windows span the north side of the building over the loading dock doors to provide outdoor views and shed natural light throughout the warehouse.
The property is located at 10054 Old Grove Road, approximately 15 miles north of Downtown San Diego. Easily accessible to the I-15, a key logistics transportation route through Southern California, and minutes from the I-5, the property is in close proximity to the Sorrento Valley Coaster Station, Montgomery-Gibbs Executive Airport and San Diego International Airport.Â
Given the location, functionality and layout, the asset is suited for a variety of users as a potential corporate headquarters, manufacturing and/or distribution facility. Surrounded by retail and residential, the property benefits from a strong employment base in the Scripps Ranch area and its adjacent neighborhoods in eastern San Diego.Â
CapRock Partners acquired several assets in San Diego County in 2018, including a 26-acre industrial site in the Sorrento Mesa area.Â
The property is listed by Brant Aberg and Ryan Spradling at Cushman & Wakefield.Â
ABOUT CAPROCK PARTNERS
Since its founding in 2009, Newport Beach, California-based CapRock Partners has become one of the fastest-growing private industrial real estate investment and development firms with a focus on middle-market, value-add industrial assets throughout the West, and Class A industrial buildings in California. As of Jan. 2019, CapRock Partners has been registered with the U.S. Securities and Exchange Commission, a designation that enables the firm to grow its assets under management throughout continued work with high-net-worth and institutional investors.Â
The firm is actively acquiring land for development and value-add industrial buildings in California, Nevada and Phoenix. To date, CapRock Partners has acquired, developed or has in its pipeline approximately 12,000,000 square feet of industrial real estate totaling more than $1.6 billion. For more information, visit www.caprock-partners.com. Follow the company on Facebook, LinkedIn, Twitter and Instagram.