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
