Vista Industrial Properties

1395 Park Center Drive, Vista, CA

Property Highlights

  • Neighboring institutional owners include: Blackstone, LBA Realty, Black Creek Group, DCT Industrial [NYSE: DCT], First Industrial Realty Trust {NYSE: FR], Stockbridge, Lincoln Property Co., GLP, ARA, Morgan Stanley, Rexford Industrial [NYSE: RXR], Bentall Kennedy, TA Realty, Westcore, Invesco [NYSE: IVZ]
  • Neighboring tenants/owner-users include: Amazon [NYSE: AMZN], FedEx [NYSE: FDX], US Foods, Titleist, ThermoFischer [NYSE: TMO], OnTrac, Danaher [NYSE: DHR], Genentech [NYSE: DNA], Gilead Sciences [NASDAQ: GILD], Coca-Cola [NYSE: KO]
  • Acquisition well below replacement cost

Property Information

  • Lightly-marketed acquisition
  • High-image Class A 145,568 sq. ft. industrial building
  • Located at a signalized corner across from a retail Home Depot store
  • Within the 3% vacant North County San Diego submarket
  • Originally a Build-to-Suit building with above-market features

Business Plan

  • Demolish approximately 10,000 sq. ft. of non-functional warehouse mezzanine
  • Create open warehouse area by eliminating various interior non-structural demising walls
  • Address misc. deferred maintenance issues to create “show ready”appearance
  • Remove overgrown landscaping and replace with drought-tolerant plants
  • Create a multi-tenant layout to mitigate risk
  • Take advantage of high identity signalized intersection with new building signage

The Results

  • Successfully sold to an institutional investor