T&S Properties Acquires San Diego's Empire Center Industrial Property For $34.58M
7880 Airway Road & 7920 Airway Road
$34,580,000
$130/SF
Building Size
265,334 SF
Asset Type
Industrial
Closing
Oct 18, 2023
AI
T&S Properties has purchased San Diego's Empire Center, a 132,667-square-foot industrial property, for $34.58 million from TA Realty. The property, located at 7880 Airway Road & 7920 Airway Road in San Diego, offers 24-foot clear heights and is nearly fully occupied by 16 tenants. Built in 1999, this industrial asset provides a prime investment opportunity in the San Diego market.
Summary of transaction details
- Property Type: Industrial
- Transaction Amount: $34,580,000
- Square Footage: 132,667
- Price per Square Foot: $261
- Address: 7880 Airway Road & 7920 Airway Road, San Diego
- Market: San Diego
- Buyer: T&S Properties
- Seller: TA Realty - James O. Buckingham
- Broker: Kidder Mathews
T&S Properties, represented by their broker Kidder Mathews, sourced this investment opportunity through their purchase from TA Realty. The industrial property's near-full occupancy by 16 tenants signifies its desirability and potential for a steady income stream. With 24-foot clear heights, this property caters to the needs of various industrial businesses in the San Diego area, further contributing to its investment value.
Players
San Diego Industrial Market Snapshot
Boundary boundary · Industrial · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93