CenterPoint Properties has acquired a 202,547-square-foot Class A warehouse and distribution facility located at 4400 and 4450 Ruffin Road in San Diego’s Kearny Mesa submarket. The transaction was valued at $80.05 million.
CBRE facilitated the sale on behalf of the seller, a real estate investment and management firm. The CBRE team included Hunter Rowe, Matt Carlson, and members of CBRE National Partners: Michael Longo, Eric Cox, Barbara Perrier, Joe Cesta, and Brian Russell.
Situated on 13 acres, the newly completed property is fully leased to three high-quality tenants on long-term leases with below-market rates.
“This was a unique opportunity to acquire a core industrial asset in Central San Diego, one of the most supply-constrained and top-performing submarkets in the region,” said Hunter Rowe. “The Daikin and Pilot leases demonstrate how tenants place significant value on asset quality and location, and the 15 initial offers we received underscore the robust investor demand for core industrial product in San Diego.”
