Investor sells industrial building in off-market sale
JLL completes sale of industrial building in Escondido, California for $4.05 million
SAN DIEGO, CALIF., August 29, 2019 – JLL announced that it has completed the off-market sale of a vacant, free-standing, 20,783-square-foot industrial building located at 2063 Wineridge Place in Escondido, California. Santa Clara, California-based manufacturer Promex Industries paid $4.05 million for the building which it will use for its San Diego regional operations.
JLL North San Diego County team of Chris Baumgart and Steven Field represented the seller, 4S Properties / Saddleback Associates. The buyer was represented by Ted Cuthbert and Conor Boyle of Colliers International.
“This was the perfect building for an owner-user who was looking for a building in North County San Diego’s industrial market,” said Baumgart. “The buyer was in the market for several months but was unable to find the right property for their operation’s needs. It was attracted to the building’s location and accessibility to the freeway and quality of the construction.”
Originally developed as a build-to-suit for a local manufacturing company in 2000, the seller planned to lease the property upon it becoming vacant.
Field went on to say "The North County industrial market is very tight. Vacancy is currently at below three percent and there are a limited amount of properties on the market for sale. Escondido industrial commands some of the highest sales price and lease rates throughout the North County."
2063 Wineridge Place is located on 1.7 acres and features 24 foot to 26 foot ceiling heights, heavy power, and five grade-level loading doors with excellent truck circulation.
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