Wimatex Buys San Diego-Area Infill Asset

2271 Cosmos Court. Image courtesy of Cushman & Wakefield

Wimatex has acquired an 85,165-square-foot industrial facility in Carlsbad, Calif., for $21.2 million. Cushman & Wakefield worked on behalf of the seller, a private individual. The property was fully occupied by Philips, according to CommercialEdge, at the time of the transaction.

Located at 2271 Cosmos Court, the property features clear heights between 24 and 26 feet, six loading doors, drive around accessibility and three grade-level loading doors. The building is also equipped with glass lines, a two-story lobby, an outdoor entrance and concrete exterior. Situated on a 4-acre lot, the facility is close to Interstate 5, allowing easy access to Los Angeles. The facility is also 33 miles from the Port of San Diego and within 34 miles of downtown San Diego.

A Cushman & Wakefield Capital Markets team formed of Vice Chairman Aric Starck and Senior Associate Drew Dodds negotiated on behalf of the seller. The transaction represents a good value-add opportunity since the property is located in one of North San Diego’s infill markets, providing the buyer with in-place income, while also being one of the largest lease-up deals in the area, said Starck in prepared remarks.

Earlier this month, the company represented an Ares Management Real Estate fund in the disposition of a 601,102-square-foot, multi-tenant industrial building in San Diego’s Otay Mesa submarket. The fully leased property was purchased by Ares in 2020, for $109 million.