CBRE has brokered the sale of 5&52 Business Park, a fully renovated industrial property in San Diego, for $26.5 million. The asset totals 71,597 square feet and is situated at 5965 and 5975 Santa Fe Street, placing it in a coastal industrial corridor of the city. The transaction involved San Diego-based Parallel Capital Partners and Boston-based Long Wharf Capital as the sellers, with Sukut Real Properties acquiring the project.
CBRE acted as the sales advisor on the deal, with a team of Hunter Rowe, Matt Carlson, Mike Longo and Matt Pourcho representing the selling ownership. The brokerage team was engaged to market the business park following a comprehensive repositioning effort that took the property from vacancy to full occupancy. Their assignment concluded with the disposition to Sukut Real Properties, reflecting investor interest in stabilized, renovated industrial assets in the San Diego area.
According to Rowe, a senior vice president at CBRE, 5&52 Business Park provided investors an opportunity to acquire a fully leased and repositioned coastal industrial property. He noted that the transaction illustrates how San Diego’s defense industry is changing, with investors increasingly targeting assets leased to tenants focused on next-generation defense technologies and related innovation.
The two-building business park was originally constructed in the 1980s. Parallel Capital Partners and Long Wharf Capital acquired the property in 2025 when it was completely vacant and subsequently undertook a full renovation program. Physical upgrades included new roofs and skylights, LED lighting, HVAC systems, updated warehouse areas, modernized office buildouts, exterior enhancements, and improvements to electrical and plumbing infrastructure.
Following this renovation work, the landlords successfully leased the entire project. The park is now fully occupied by Seasats and Applied Intuition, both of which took space after the repositioning. Their commitments transformed the once-vacant industrial property into a fully leased asset prior to the sale.
The combination of a recent renovation, a fully leased rent roll and a location in a coastal San Diego industrial area underpinned the marketing of 5&52 Business Park and helped support the sale to Sukut Real Properties. The deal underscores ongoing investor engagement with well-located industrial properties that have been modernized to current operational and tenant standards.
