2530 Pioneer Avenue | Courtesy a representative of Cushman & Wakefield

Owner/User Sale Reportedly Breaks PSF Record

Carrie Rossenfeld Industrial

Ki’s Kitchen, a privately owned commercial food purveyor based in North County San Diego, has purchased a freestanding 9,150-square-foot industrial building at 2530 Pioneer Avenue in Vista, California, from BS Ventures LLC for $195 per square foot, according to a release from a representative of Cushman & Wakefield (C&W). The price per square foot may be the highest on record for similar owner/user properties in this market, according to a C&W executive.

Ki’s, which also owns and runs Ki’s Restaurant in nearby Cardiff-by-the-Sea, California, and provides local schools with lunches for purchase, acquired the “high-image” Vista building for $1.79 million and plans to relocate from its current location in neighboring Carlsbad, C&W reports.

According to the release, Chris Baumgart and Jeffrey Sallen of C&W’s San Diego office represented the seller in the transaction.

Baumgart is quoted as saying, “This is a desirable, well-positioned building that made for an ideal purchase opportunity for a smaller operator. We generated multiple offers after only actively being on the market less than a month before securing a buyer.”

Sallen adds, “Exemplifying the ongoing strong demand and interest for this type of facility in our region, according to our tracking, the $195 price per square foot achieved on this property was higher than any previous owner-user sale on record in Vista for similar buildings.”

Built in 1989, 2530 Pioneer recently underwent an upgrade to its interiors, the statement says. The property features a modernized conference room, private office space, and an open break room/reception, as well as floor-to-ceiling glass walls, multiple restrooms, motorized grade loading, and a secured fenced yard. According to the release, the building “sits amidst a sea of well-known regional and global local businesses” and is close to Highway 78.