SENTRE Buys San Diego Asset for $38M

Parkway Commerce Center. Image courtesy of JLL Capital Markets

SENTRE has acquired Parkway Commerce Center, a 147,907-square-foot industrial park in Poway, Calif., for $38.2 million from TA Realty, according to CommercialEdge data.

San Diego County public records show the buyer received $21.4 million in acquisition financing, provided by Jackson National Life Insurance Co.

According to CommercialEdge data, the property last traded in 2016 for $24.6 million, when TA Realty purchased it from Invesco Real Estate.

Completed in 1999, the Class A property is on a 9.8-acre lot and encompasses two warehouse and distribution buildings and two industrial and flex buildings. Parkway Commerce Center features 19- and 25-foot clear heights, 21 dock-high doors, 36 drive-in doors, 175-foot truck court and 316 parking spaces. The tenant roster includes Xpress Global Systems, Ramona Research, San Diego Pure Water and Grand Design Kitchens.

A JLL Investment Sales team comprising Managing Directors Bob Prendergast and Lynn LaChapelle, Executive Vice President Ryan Spradling and Financial Analyst Zac Saloff brokered the transaction on behalf of TA Realty.

A JLL Capital Markets team including Senior Managing Director Aldon Cole and Associate Brad Vansant helped secure the fixed-rate loan for SENTRE. The company also retained JLL to handle leasing operations for the industrial park.

The property is at 13651-13771 Danielson St., approximately 20 miles from San Diego and offers direct access to Interstate 15, enabling same-day delivery to all Southern California. Other companies in the area include General Atomics, Amazon and Best Buy, among others.

Recent San Diego industrial transactions

Since the beginning of the year, several industrial properties traded in the San Diego market. Among them, LaSalle Investment Management acquired a 601,103-square-foot building in the Otay Mesa submarket. An Ares Management Real Estate fund sold the asset.

A property occupied by Phillips changed hands when Wimatex purchased the 85,165-square-foot industrial facility in Carlsbad, Calif., for $21.2 million.