SAN DIEGO, Calif.--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) recently represented RPG, formerly RAF Pacific Group, in the disposition of two newly developed, fully leased Class A industrial properties in Carlsbad (San Diego), California for a combined value of nearly $85 million. The separate transactions consisted of Vector, a new 169,825-square-foot (sf) Class A industrial facility, and nearby Create, a new 146,108-sf Class A pharmaceutical manufacturing facility. Aric Starck, Vice Chairman with Cushman & Wakefield, represented RPG in both transactions.
Vector was acquired in early June by Los Angeles-based 3200 San Fernando LLC for $44 million. Located at 2882 Whiptail Loop East on an elevated site with good visibility, Vector was constructed in 2019 and is 100% leased to two tenants.
Create was acquired in late June by Los Angeles-based BLT Enterprises for approximately $40.45 million. Located at 2827 Whiptail Loop West, the property was also originally developed in 2019 and is fully leased to MilliporeSigma, whose parent company is Germany-based Merck KGaA. Starck also brokered the lease on behalf of RPG earlier this year.
“These new best-in-class facilities were each exceptionally designed and presented ideal industrial investments with strong occupants,” said Aric Starck. “Each is also well located in the coastal and highly coveted Carlsbad submarket, strategically positioned in San Diego’s North County.”
RPG currently owns a real estate portfolio totaling over 2 million square feet (msf), which includes approximately 900,000-sf of ground-up development. In the last eight years, they have acquired, developed and repositioned over $570M of industrial, office, retail, and R&D properties. RPG is one of the most innovative developers in San Diego County. Known for their state-of-the-art, Creative Industrial™, mixed-use and office facilities, they have over 1 msf of ground-up development underway. Their team has successfully developed properties in other major markets in the West, to include multi-family product. For more visit www.rafpg.com.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.