March 21, 2023
Birtcher Anderson & Davis announced the acquisition of La Costa Meadows Business Center, an eight-building multi-tenant industrial business park located at 1611-1665 S. Rancho Santa Fe Rd., in North County, San Diego. In an off-market transaction, BA&D purchase the highly desirable 158,923-square-foot property for an undisclosed figure.
Colliers’ Investment Advisors Louay Alsadek, Maddie Mawby, and Eric Parra represented both parties in the transaction. The buyer, Birtcher Anderson & Davis Associates, Inc., acquired the asset from an institutional investor seller. Colliers’ Nicole Sayers and Jeremy Thornton provided debt advisory services on behalf of the buyer.
“San Diego has not seen any new multi-tenant industrial business parks built in the last 15 years, priming this product type to be in high demand by both institutional and private investors,” says Alsadek.
“We are pleased to be increasing our footprint in the Southern California light industrial space with Trinity Investors, with whom we share a similar investment philosophy and approach to doing business,” said Bob Anderson, Co-Chairman, and Principal of Birtcher Anderson & Davis. “With the lack of new supply in the face of continued strong tenant demand, we’re anticipating solid rental growth and high occupancy during our investment period.“
The property features (6) one-story industrial buildings and (2) two-story industrial/flex/office buildings, completed in two phases beginning in 1979 and 1991, with tilt-up construction and varied bay sizes that accommodate a wide range of configurations, giving tenants the opportunity for growth and expansion.
Situated in a market experiencing a high volume of industrial conversions to R&D products, La Costa Meadows offered a highly desirable and exceptionally scarce opportunity as development sites in North San Diego County remain scarce. The center is currently 95.7 percent occupied by 45 tenants.