Hager Pacific Buys San Marcos Building
10 Nov 2015
A 208,570-suare foot industrial property at 260 S. Pacific Street, San Marcos 92078, has been sold for $9 million, cash.
The buyer was Hager Pacific Properties, one of the largest privately owned real estate investment firms in the West, and this marks the firm’s second acquisition in San Diego County.
The seller was MacDermid Group, Inc. According to the CoStar Group, MacDermid had previously occupied the property, but is relocating.
The building sits on 8.6 acres. Features include multiple dock-high and ground-level loading positions, a fenced two-acre storage yard and a colossal 10,000 amps of power.
HPP plans to complete more than $2 million in renovations, including new roofing, lighting, loading, landscaping, offices and floors, and then put the property back on the market for leasing.
“We are pleased to have been able to capitalize on this opportunity to reinvest in a property that will be quickly absorbed by the market,” said Jason Schirn, the firm’s chief investment officer. “We feel especially confident about the investment as there is a shortage of functional space in the region.”
HPP purchased the property through Colliers International in an all-cash transaction, which required only 25 days for inspection and close of escrow. The sale was recorded Sept. 30.
Mike Erwin and Tucker Hohenstein of Colliers International represented both the buyer and the seller, and will be listing the property for lease.
HPP also owns the 180-unit Woodside Apartments in Lakeside.
The recorded buyers were Pacific Industrial Partners LLC, SoCal Industrial Partners LLC, and the Huberman Family Trust.
The seller of the property (assessor’s parcel 219-089-02) was recorded as NAPP Systems Inc.
The asking price for the property – after a price reduction – had been $16.25 million.