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Newmark has completed the sale of a portfolio of two industrial flex properties in San Diego. Totaling 132,335 square feet in nine buildings, the portfolio is 60 percent occupied and includes five-building Kearny Mesa Executive Park located at 7827 to 7867 Convoy Court and four-building Kearny Mesa Corporate Center located at 9303 to 9323 Chesapeake Drive and 9320 to 9340 Hazard Way.
Newmark’s Capital Markets President, West Coast Kevin Shannon, Executive Managing Directors Ken White and Bret Hardy, Senior Managing Director Brunson Howard and Managing Director Rick Stumm represented the seller, Colony Capital. The buyer, a family trust, was self-represented.
“This quality portfolio provides the buyer with a strong opportunity to add substantial net operating income and value appreciation by leasing up the available vacancy to a range of small to large user types,” said Howard.
The Kearny Mesa submarket consists of 15.5 million square feet of office and industrial property and is recognized as a major commercial/industrial submarket within central San Diego.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, valuation and advisory services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.