Miramar Industrial Complex Sold For $28.1M
A five-building light industrial complex in Miramar has been sold for $28.1 million.
Activity Business Center
The 160,943 square-foot Activity Business Center at 9235-9265 Activity Road and 9520-9530 Padgett St. was acquired by BKM Capital Partners from Lincoln Property Company.
Cushman & Wakefield represented Lincoln Property Company. BKM Capital Partners represented itself.
Activity Business Center is 92.6 percent occupied with a diverse range of 38 tenants.
Average unit sizes are 3,743 square feet.
“Miramar is one of the highest performing industrial markets in all of San Diego,” said Brian Malliet, CEO and co-founder of BKM Capital Partners.
“The submarket currently outperforms many of the county’s industrial hubs, with an average industrial occupancy of 97.1 percent,” Malliet said. “This acquisition was an opportunity to acquire a high-quality, multi-tenant industrial asset in an exceptionally strong market at competitive cost.”
BKM plans to rebrand and renovate the complex. The renovations will include upgrading the parking lot, painting the exterior, landscaping, installing new signs and making improvements to the lobby and common areas.
“The seller initially acquired the property in 2015 and completed a series of cosmetic improvements,” said Brett Turner, BKM’s director of acquisitions. “We will capitalize on these upgrades, while creating deeper value by rebranding the asset and further modernizing the property to appeal to the region’s growing tenant base.”