Rockefeller Group Sells San Diego Industrial Campus
EQT Exeter bought the 202,760-square-foot property.
Rockefeller Group has sold Heritage Industrial Center, a 202,760-square-foot industrial asset in Chula Vista, Calif. EQT Exeter acquired the three-building campus, while Cushman & Wakefield brokered the transaction.
Rockefeller purchased the land from HomeFed Corp. and began construction in June 2022. The campus came online in September last year.
Heritage Industrial Center occupies 12 acres and comprises three buildings, measuring 105,550, 56,470 and 40,740 square feet. The campus features office spaces, 28’-32’ clear heights, ESFR fire sprinklers, grade-level and dock-high loading doors, controlled access and parking spaces.
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Located at 3330 Heritage Road, the property is within the South San Diego submarket, near Interstate 805, which provides easy access across the San Diego metropolitan area.
Cushman & Wakefield’s Jeffrey Cole, Jeff Chiate, Bryce Aberg, Brad Brandenburg, Zachary Harman and Mike Adey represented the developer in the investment sale element, while Voit Real Estate Services’ Michael Mossmer and Patrick Connors worked on the leasing efforts and the sale of the project.
San Diego vacancy increased
Heritage Industrial Center marks Rockefeller’s second development within South San Diego and its sale was the second deal with EQT within the past three months. In another recent deal, EQT sold a 319,336-square-foot Class A industrial property in the Northwest submarket of Indianapolis for $28.4 million.
According to a recent Cushman & Wakefield report, San Diego’s industrial vacancy rate was up 80 basis points quarter-over-quarter, as of September. This marked the third consecutive quarter of increases in vacancy. About 636,000 square feet came online in Chula Vista and Otay Mesa, but remained unleased through the third quarter.
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