SAN DIEGO – Cassidy Turley, a leading commercial real estate services provider in the U.S., announces that North County Corporate Center, a five-building, 493,898-square-foot industrial park in Vista, CA, has been sold for $57.65 million to Cornerstone Real Estate Advisors LLC. The seller was New York-based JPMorgan Chase (NYSE: JPM).
Aric Starck of Cassidy Turley’s North San Diego County office in Carlsbad represented the buyer and the seller, along with Rick Putnam and Bret Hardy of the Los Angeles office of Colliers International.
“This is the top institutional quality campus of its class in the North County area,” said Mr. Starck. “It is an ideal corporate headquarters location in an area with just 7% vacancy and a very limited supply of large contiguous space. With no new speculative construction on the horizon and a strong existing strong rent roll, this is a well-positioned and stable asset with excellent investment potential.”
North County Corporate Center’s five buildings are set on 26 net acres at 990 and 995 Joshua Way and 2750, 2760 and 2765 Progress St. less than one mile from the California State Route 78 freeway corridor.
Built in 1999, North County Corporate Center features 26’ ceiling clear height, dock-high and grade-level doors, mezzanines, office space and generous parking. The project is over 90% leased to tenants including Jeld-Wen, a major window and door manufacturer which occupies 180,000 square feet; John Deere Water; and CTDI, an electronics firm. Approximately 40,000 square feet is available for lease.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley