RAF Pacifica Group Delivers $60M San Diego Project
The developer already sold one of the buildings.
RAF Pacifica Group has completed Escondido Logistics Center, a two-building,147,054-square-foot industrial property in Escondido, Calif. Development costs rose to $60 million.
The San Diego Water Authority acquired one of the buildings upon completion, in a deal brokered by Colliers International. Cushman & Wakefield is marketing the second property for lease.
RPG secured a $11.4 million construction loan from City National Bank in 2023, CommercialEdge data shows. The company acquired the development site in 2022 for $4.5 million from JRMC Real Estate, according to San Diego County public records.
READ ALSO: Top 5 Markets for Industrial Deliveries
The 7-acre property is at 1903 and 1943 Citracado Parkway, within Escondido Research and Technology Center, a 22-acre business campus. It is near Interstate 15, which allows for easy access to San Diego and Los Angeles. Montgomery-Gibbs Executive Airport is 25 miles away while San Diego International Airport is within 33 miles.
Escondido Logistics Center’s two buildings measure 88,000 and 58,000 square feet. Features include 28-foot clear heights, grade-level loading doors, dock doors and heavy power. RPG envisioned the property to accommodate manufacturing and distribution users.
Executive Vice Chairman Aric Stark and Senior Director Drew Dodds with Cushman & Wakefield are marketing the remaining 58,000-square-foot facility for lease.
Some 5.5 million square feet planned for San Diego
A few large deliveries took shape in metro toward the end of last year. Among these was Chestnut Properties’ 380,000-square-foot Gillespie Field iPark in El Cajon, Calif. In January 2024, the developer secured $91 million in construction funds for the project, which was already 40 percent preleased to GKN Aerospace.
During the last quarter of 2024, the San Diego industrial market had 2.8 million square feet of space under construction, with an additional 5.5 million square feet in the planning and permitting stages, according to a Cushman & Wakefield report. A significant share of this upcoming space is in the Otay Mesa submarket.
You must be logged in to post a comment.