The property is located in the highly coveted industrial hub of Kearny Mesa
San Diego – June 26, 2025 – CBRE has arranged the sale of a 202,547-square-foot Class A warehouse and distribution center located at 4400 and 4450 Ruffin Road in the Kearny Mesa submarket of San Diego to CenterPoint Properties for $80.05 million ($395 per square foot). (Editor’s note: The seller was an entity affiliated with LBA Realty.)
CBRE’s Hunter Rowe and Matt Carlson, along with National Partners’ Michael Longo, Eric Cox, Barbara Perrier, Joe Cesta and Brian Russell, represented the seller, a real estate investment and management company, in the transaction.
The newly completed property spans 13 acres, situated near the intersection of Balboa Avenue and Ruffin Road. The asset is fully leased to three high-quality tenants with long-term leases and in-place rents below market. The project features various suite sizes, with a 32-foot clear height, 57 dock-high doors, 11 grade-level doors and 1.6 acres of excess land. The strategic location provides ideal access to the region via Interstate 15 (I-15), I-805, I-5, I-8, State Route 163 (SR-163) and SR-52.
“This was a unique opportunity to acquire a core industrial asset in Central San Diego, one of the most supply-constrained and top-performing submarkets in the region,” said Rowe, first vice president at CBRE. “The Daikin and Pilot leases demonstrate how tenants place significant value on asset quality and location, and the 15 initial offers we received underscore the robust investor demand for core industrial product in San Diego.”
“Many investors today are focused on lower risk assets, as they price through the market volatility. The San Diego logistics market has been more shielded from this volatility than the balance of Southern California, and the Ruffin Road property is best-in-class, in a bullseye location, with great credit tenancy and longer-term leases,” added Longo, senior vice president at CBRE.
According to CBRE research, Kearny Mesa is the most active industrial submarket, with 15.5 million sq. ft. of space. Overall, tenant demand remains strong, while the supply of quality space is near a historic low.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About CenterPoint Properties
CenterPoint Properties develops, acquires, and manages industrial properties in America’s top markets that optimize supply chain efficiency. Since its founding in 1993, CenterPoint has built its reputation as a trusted real estate partner for many of the world’s leading retail, logistics, and e-commerce companies. With headquarters in Oak Brook, IL, CenterPoint also operates seven regional offices in California, Florida, New Jersey, and Texas. Its national portfolio comprises 62 million square feet of industrial space across 306 properties. To learn more, visit centerpoint.com.
