Black Creek Group has acquired North County Corporate Center (NCCC), a five-building, 493,898-square-foot, industrial distribution campus in Vista, California from Barings for $147.5 million.
NCCC, the 100% leased property, is widely known as North San Diego County’s largest pure industrial distribution project, and is situated in a distinctive, high-image business park environment.
“North County Corporate Center is the largest pure industrial distribution park in North County San Diego. The property is 100% occupied, and offers solid, in-place cash flow from a diverse rent roll with six credit tenants and staggered lease expirations,” said Bret Hardy, Newmark Executive Managing Director.
“Additionally, below market rents and forecasted hyper-inflationary industrial rent growth make this project an ideal core-plus investment for Black Creek Group,” he added.
The project is designed to cater to a wide variety of unit sizes, tenants, and uses with suites ranging in size from approximately 21,000 to 123,000 square feet, and buildings ranging from 71,464 to 123,270 square feet. This range of suite and building sizes enables both single- and multi-tenant occupancy and allows tenants to grow within the park.
The property presents market-functional modern building features, including 26-foot clearances, ESFR and ESFR-ready sprinkler systems, abundant dock-high loading, large truck yards and modern offices.
Newmark Executive Managing Directors Bret Hardy, Jim Linn, Andrew Briner and Brunson Howard and Co-Head of U.S. Capital Markets Kevin Shannon represented the seller, Barings, one of the world’s leading investment managers.