LPC West and New York Life Investors Acquire Off-Market Industrial Building in San Diego’s Poway
LPC West’s expansion in San Diego’s industrial market is going strong with an off-market purchase of a roughly 135K SF property in Poway, California.
LPC bought the building in a joint venture with New York Life Investors in the second acquisition the companies have done together.
Poway, located off Interstate 15 near Escondido, sits northeast of San Diego proper and about 40 miles north of the U.S.-Mexico border.
The building at 13100 Danielson St. is 25% office space. It features four loading docks, five additional exterior dock positions and a 28-foot clear height. The sales price was not disclosed, and public records do not yet reflect the transaction.
The property is leased to Liberty Diversified International, a large, privately held paper, packaging and plastics manufacturing and distribution company.
"LPC West is excited to continue growing its industrial portfolio in San Diego County with this acquisition," LPC West San Diego Region Executive Vice President Scott Moffatt said in a release.
With this purchase, LPC West now owns and manages more than 2M SF of commercial space in the San Diego area. It has 1M SF in the development pipeline in the region.
Poway's industrial market has a 0.5% vacancy rate for its roughly 9.3M SF of inventory, according to a Q3 2022 report from Newmark. That is below the San Diego area's 2.9% average vacancy rate. The average asking rate is $1.19 per SF for space in Poway, compared to $1.26 for the San Diego area as a whole.
