Business
Newmark Arranges $147.5 Million Sale of Industrial Distribution Project - North County Corporate Center - in San Diego, California
Black Creek Group Acquires the 100% Leased 493,898-Square-Foot Campus SAN DIEGO, Oct. 8, 2021 /PRNewswire/ -- Newmark¹ announces it has arranged the sale of
About this update from Newmark Group, Inc.
[{"type":"text","content":"Black Creek Group Acquires the 100% Leased 493,898-Square-Foot Campus\n\n\nSAN DIEGO, Oct. 8, 2021 /PRNewswire/ -- Newmark¹ announces it has arranged the sale of North County Corporate Center (\"NCCC\"), a five-building, 493,898-square-foot, institutional-quality industrial campus in Vista, California. \n\n \n \n \n \n \n \n\n \nNewmark Executive Managing Directors Bret Hardy, Jim Linn, Andrew Briner and Brunson Howard and Co-Head of U.S. Capital Markets Kevin Shannon represented the seller, Barings, one of the world's leading investment managers. The buyer was Black Creek Group. \nNCCC is widely known as North San Diego County's largest pure industrial distribution project, and is situated in a distinctive, high-image business park environment. The property presents market-functional modern building features, including 26-foot clearances, ESFR and ESFR-ready sprinkler systems, abundant dock-high loading, large truck yards and modern offices. \n\"North County Corporate Center is the largest pure industrial distribution park in North County San Diego. The property is 100% occupied, and offers solid, in-place cash flow from a diverse rent roll with six credit tenants and staggered lease expirations,\" said Hardy. \"Additionally, below market rents and forecasted hyper-inflationary industrial rent growth make this project an ideal core-plus investment for Black Creek Group.\" \nThe project is designed to cater to a wide variety of unit sizes, tenants, and uses with suites ranging in size from approximately 21,000 to 123,000 square feet, and buildings ranging from 71,464 to 123,270 square feet. This range of suite and building sizes enables both single- and multi-tenant occupancy and allows tenants to grow within the park.\nSan Diego's North County market counts a population of 4.5 million within 50 miles, and provides ease of access to greater San Diego, Orange County, Los Angeles and the Inland Empire via the I-5, I-15 and SR 78 freeways. \nSan Diego County encompasses over 165 million square feet of industrial inventory with a 4.5% vacancy rate as of Q2 2021, according to Newmark Research. The market has experienced eleven straight years of positive absorption. Rents are forecasted to continue to increase as competition for new and existing industrial space heats up. \nAbout Newmark\nNewmark Group, Inc. (Nasdaq: NMRK), together w...