SAN DIEGO, Calif. –– Cushman & Wakefield announced the firm has advised seller RPG, one of the most innovative developers in San Diego County, in the dispositional sale of 1 Viper, a newly redeveloped and fully leased Class A industrial asset totaling 175,367 square feet in Vista (San Diego), California.
Santa Monica, CA-based BLT Enterprises, a privately held, self-funded firm that specializes in the acquisition of industrial, office, retail, residential, mixed-use and special use properties, acquired the best-in-class North San Diego County facility located at 1 Viper Way for $58 Million.
Aric Starck and Drew Dodds with Cushman & Wakefield represented RPG in the sale transaction.
Following its acquisition of the property in 2021, RPG speculatively redeveloped and improved the asset and successfully 100% pre-leased the facility to two new tenants: Cymer, an independently operated business within the ASML group that develops, manufactures and services deep-ultraviolet (DUV) light sources used in chip production; and Gnarlywood, a vertically integrated business that services e-commerce distribution, marketing and retail services within the music and entertainment industries.
“The repositioned project was uniquely positioned to capture unmet demand for distribution and last mile space, and presented a great investment opportunity, providing minimally improved functional industrial space with cross dock loading, 28’ clear heights, heavy power and ESFR. This asset is well positioned to perform well moving forward with two new in-place leases to well established tenants” said Aric Starck, Vice Chairman.
Situated on an abundant 11.7-acre parcel, 1 Viper is desirably located in the Vista Business Park, North San Diego’s densest industrial cluster. The location offers close proximity to Highway 78, providing direct access to Interstates 5 and 15.
“RPG’s renovations created an exceptional, modern and efficient location for industrial occupants in San Diego, a market that is defined by strong fundamentals and surplus occupier demand. This demand was further exemplified by the two significant in-place leases,” added Drew Dodds, Senior Associate.
Starck, Dodds and colleague Bill Cavanagh also of Cushman & Wakefield had brokered the sale of the asset between RPG and Stockbridge Capital in 2021.
