The Sorrento Mesa submarket of San Diego will soon be seeing some much-needed industrial properties, according to a representative of CapRock Partners. The Newport Beach, California–based firm has purchased a 26-acre land site on Nancy Ridge Road in Sorrento Mesa from a private investor for an unnamed sum for the purpose of developing either build-to-suit space for industrial occupiers or a number of speculative industrial buildings in the market, the source reports.
With these potential projects, CapRock hopes “to satisfy pent-up demand in one of San Diego’s tightest industrial submarkets,” the representative says. The site is centrally located, has convenient access to I-805 and I-15 as well as Carroll Canyon Road, and is located in a prime infill spot near the border of Sorrento Valley and Miramar. Corporate neighbors include Qualcomm’s headquarters, ThermoFisher Scientific, and FedEx.
Colliers International’s Mike Erwin, Tucker Hohenstein, and Evan McDonald represented CapRock in the acquisition.
According to a statement from the source, Bob O’Neill, SVP of acquisitions at CapRock, says, “With a less than 3 percent industrial vacancy rate and diverse economy fueled by the defense, technology, tourism, biotech, and telecom sectors as well as the area’s population growth, San Diego’s logistics needs are only continuing to grow. This site presents a prime opportunity for tenants seeking custom last-mile logistics, manufacturing, and other industrial uses, and CapRock will continue to seek additional acquisition opportunities in this high-demand, land constrained market.”
CapRock has been active this year in the San Diego market. The source reports that the firm recently acquired two properties totaling 250,000 square feet, including 91,000 square feet of surplus corporate real estate in Scripps Ranch, which is scheduled to complete its current major renovations in September, and 158,000 square feet of industrial space in Vista, California, which is almost finished being renovated; both of these projects are available for tenants now.
The representative reports that the firm is actively acquiring land for development and value-add industrial buildings throughout the Orange County, Los Angeles, Las Vegas, Northern California, and Phoenix markets. As SoCal Real Estate reported in June, the firm began construction on Serrano Business Park in Jurupa Valley, California, and in May acquired approximately 23 acres that will accommodate a 425,000-square-foot-industrial business park in Norco, California.