CBRE arranged the sale of a 202,547-square-foot Class A warehouse and distribution center located at 4400 and 4450 Ruffin Rd. in the Kearny Mesa submarket of San Diego. The buyer was CenterPoint Properties, which paid $80.05 million.
Hunter Rowe and Matt Carlson, along with CBRE National Partners’ Michael Longo, Eric Cox, Barbara Perrier, Joe Cesta and Brian Russell, represented the seller, a real estate investment and management company.
The newly completed property spans 13 acres. It is fully leased to three high-quality tenants with long-term leases and in-place rents below market.
“This was a unique opportunity to acquire a core industrial asset in Central San Diego, one of the most supply-constrained and top-performing submarkets in the region,” said Rowe. “The Daikin and Pilot leases demonstrate how tenants place significant value on asset quality and location, and the 15 initial offers we received underscore the robust investor demand for core industrial product in San Diego.”
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