Insurance giant seeks buyer for specialized manufacturing facility sold to it in 2022 for $35.1 million
Industrial properties in San Diego’s Poway submarket don’t trade frequently, but a new listing has now been added to the market at 13100 Danielson St. New York Life Insurance Co. has listed a 133,844-square-foot light industrial and manufacturing facility for sale through CBRE, with the seller seeking best offers rather than setting a fixed asking price. The insurance company acquired the property in 2022 for $35.1 million, or approximately $262 per square foot.
The 7.2-acre site is positioned along the Interstate 15 corridor in central San Diego within the Poway industrial submarket. Originally constructed in 1998, the facility has served as the corporate headquarters and manufacturing operation for Liberty Packaging and its predecessor companies throughout its operational history. According to the marketing brochure, the Danielson Street property is fully leased under a triple-net agreement through April 2030, with the lease structure including 4 percent annual rent increases. The offering includes no debt for a buyer to assume.
Brokers point out that Liberty Packaging has invested more than $15 million in facility improvements since 2020, with the capital expenditures signaling the tenant’s operational commitment to its sole San Diego location. The property features heavy power capacity and loading infrastructure designed for manufacturing operations.
The Poway industrial market has demonstrated pricing strength in recent transactions. In July, Stos Partners sold an 18,000-square-foot industrial property at 12575 Stowe Drive in Poway for $6.5 million, or approximately $361 per square foot. That sale reflected a significant gain for Stos Partners, which had purchased the property in 2020 for $3.6 million. The Stowe Drive property included a secured yard, 20-foot clear heights, four grade-level doors and two stories of office space on 1.62 acres.
Marketing materials suggest that the Poway submarket has limited available industrial inventory, with development constrained by land availability and zoning restrictions. Properties with specialized infrastructure face particularly limited competition, as tenants requiring custom power systems and manufacturing capabilities cannot easily relocate. Light industrial and manufacturing properties have gained increased investor focus as companies emphasize domestic production and supply chain proximity to major markets. Based on the brochure, properties near the U.S.-Mexico border region have attracted particular attention from investors tracking manufacturing trends.
The Danielson Street property’s location provides access to central San Diego’s employment centers and connects to regional transportation networks through the I-15 corridor, the area hosting operations for multiple large corporate tenants across various industrial sectors.
CBRE brokers Matt Pourcho, Anthony DeLorenzo and Hunter Rowe are marketing the property.
