ViaWest Group has purchased a 53,500 SF warehouse in San Diego’s Kearny Mesa submarket from General Parts Company. This is ViaWest’s first purchase in California adding to its 8.0MM sf portfolio throughout the Southwest U.S. this is the first deal in the ViaWest Select Strategies Fund II and the company continues to pursue additional industrial and multifamily deals in the Southwest.
General Parts Company (GPC), the parent company of Napa Auto Parts, has over 3,100 stores and employs 48,000 people.
“There is very limited developable land left in this submarket so we are very excited to be building another greatly sought after infill industrial development with high visibility on the SR 143,” said Alex Boles, ViaWest Group’s director of investments and development.
“Convoy Court is a compelling industrial sale-leaseback,” said ViaWest Group Found Partner Steven Schwarz. “This investment allows stable cash flow from the leaseback of 37% of the building plus a value-add component with the lease up of the remaining 63% of the building that is vacant. Small bay industrial product of this kind is prohibitively expensive to build and has incredibly low vacancy. We are already seeing great market interest in the space.”
The team of Tucker Hohenstein and Doug Biggs with Colliers represented the seller; Evan McDonald and Hohenstein will handle the marketing and leasing of the property. Alliance Bank provided financing for the project.
The property is located within the central, highway-adjacent Kearny Mesa submarket and benefits from being the only quality space of its size in the submarket with dock-high loading.