7:00 AM
Newmark Grubb Knight Frank (NGKF) has completed the $2.3 million sale of a 23,000-square-foot vacant industrial property in the Sorrento Mesa/Miramar submarket of San Diego, California.
Brent Bohlken, senior managing director, and Paul Britvar, associate, from NGKF’s La Jolla office, completed the transaction on behalf of the buyer, Brixton Nancy Ridge LLC. The seller, Arena Pharmaceuticals, represented itself.
“This is a value-add project for the buyer,” said Bohlken. “Like other properties in this growing submarket, this facility provided an opportunity for the investor to reposition a classic industrial building within the Sorrento Ridge Science Park to a wide variety of uses including Life Science.”
Built in 1980 and situated on three acres of land, the property is located at 6162 Nancy Ridge Drive.
“The building was in poor condition at the time of sale and the new owner is already underway with improvements,” Britvar noted. “It is the ideal size for a single tenant, however, the building could also be easily divided to function for several tenants and is currently on the market for lease.”
This Central San Diego submarket has been a top-performer over the past 12 months with average vacancy across all product types, dipping well past historical averages to an all-time low. Rent growth and property value have been inclining and are expected to continue due to supply constraints, minimal new development and interest by national/international companies to establish presence in the area.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’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, appraisal, and valuation 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.
NGKF 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.