North Palisade Partners, a Los Angeles-based industrial and self-storage investment and development firm, has acquired a 60,984-square-foot logistic facility for $5.5 million. The purchase of the 1.4-acre property, which is located at 9350 Miramar Road in San Diego, closed at the end of June and completion is set for the end of the third quarter.
The property, formerly a facility for AmeriGas, a propane distributor, includes a 4,000-square-foot building, which North Palisade plans on renovating, repaving and striping the site for Industrial outdoor storage (IOS) use.
Evan McDonald, SIOR, of Colliers International, represented the buyer and Sean Williams, SIOR, Tom Stone and Scott Gabrielson of CBRE represented the seller in the off-market transaction.
“This rare low coverage property, situated on the main through-fare of Miramar Road is a great addition to the North Palisade portfolio,” said McDonald. “We fully expect to execute our business plan, update the property and identify a high-end user who will benefit from the high traffic count and excess yard capabilities.”
Joe Mishurda, managing partner of North Palisade Partners, said this transaction marks the third acquisition in the San Diego market over the last 12 months. This transaction comes on the heels of North Palisade Partners’ acquisition of Palisade Red Hill, a 2.45-acre industrial property in Irvine, CA. The $11 million transaction involved a site within the Irvine Business Complex and includes an existing 36,500-square-foot office building that will be demolished and replaced with a state-of-the-art Class A infill industrial warehouse.
