Westcore Properties has acquired a 6.64-acre plot of land located along Sorrento Valley Road at Industrial Court in San Diego, California. The land is located within a central San Diego submarket considered one of the tightest and best-performing submarkets in San Diego County. The site is zoned for light industrial, office, or commercial uses. Westcore purchased the land from Caltrans for $11.6 million, and intends to entitle the land for development of build-to-suit corporate facilities and/or speculative, light industrial buildings.
“Sorrento Valley offers easy access to the I-5, I-805, SR 56 and SR 52 and proximity to both executive and workforce housing,” said Hack Adams, Senior Vice President at Westcore Properties. “Those factors plus its mid-county location make it one of the most sought-after markets for many of San Diego’s leading industries.”
For the transaction, Dean Asaro of Cushman & Wakefield represented Westcore Properties, while the seller represented itself. Asaro said, “Westcore has purchased one of the most highly sought-after sites available along the central San Diego Interstate 5 corridor. The site has attracted interest for years from industrial, office, life science and retail companies but has not been available for sale until recently when Caltrans put it up for auction this past July.”
Adams added, “Due to this interest, we received many inquiries from potential users during the escrow period.”