SAN DIEGO — Lincoln Property Co. has completed the disposition of a newly renovated last-mile distribution center in San Diego’s Kearny Mesa submarket. Realterm Logistics acquired the asset for $64.2 million.
Situated on 10.5 acres at 7995 Armour St., the freestanding facility features 104,510 square feet of industrial space. The seller completed significant capital improvements and repositioned the asset, which was built in the 1980s. The facility features well-designed ingress/egress; efficient warehouse and office layouts; dock- and grade-loading capabilities; and ample parking.
At the time of sale, the property was fully leased to a global Fortune 50 e-commerce company.
Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.