Global real estate investment firm Hines has announced the purchase of over 16 acres of industrial land for the development of industrial logistics site Raceway Industrial near San Diego, California, US.
Located between two major interstates – the I-5 and I-15 – the site is located for prospective tenants who need to conveniently access the northern San Diego market.
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Development plans for the property include a 249,000 ft2, one-story warehouse located in Carlsbad, which Hines intends to deliver in early 2022.
For San Diego, North County happens to be a premier industrial submarket and the region has seen considerable tenant migration over the past five years, among whom there are several notable distribution tenants.
With this huge amount of tenant convergence to the area, most of the property supply remains under 100,000 ft2. The current Hines’ property of 249,000 ft2 provides an opportunity for this site to invite tenants on a larger scale to an ever-growing critical distribution area.
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Hines managing director Eric Hepfer said: “This transaction represents our first San Diego industrial land acquisition and aligns with Hines’ investment strategy for continued growth within the industrial and logistics sector in California. We believe this latest endeavour will be an extension of the success we’ve experienced in this market.”
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By GlobalDataEstablished in 1957 Hines has a presence in 25 countries and in 225 cities. The real estate company currently has 165 developments underway across the world.
On the whole, Hines has developed, redeveloped or purchased 1,426 properties until now.
Hines’ current property and asset management portfolio consists of a total 576 properties, all of which measure a cumulative 246 million ft2.
The present Raceway Industrial logistics site near San Diego represents the first industrial development in this city for Hines.
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For San Diego, North County happens to be a premier industrial submarket and the region has seen considerable tenant migration over the past five years. Credit: Craig Marolf/Unsplash.
