Water Authority Buys 9-Acre Site for $39 Million to Replace Aging Operations Facility

The San Diego County Water Authority has purchased a new building on 9 acres in Escondido, according to a brokerage.

Nov 22, 2024 - 21:50
 0
Water Authority Buys 9-Acre Site for $39 Million to Replace Aging Operations Facility
San Diego real estate
San Diego real estate
An overview the site chosen for the Water Authority’s new operations facility. Photo credit: Courtesy, San Diego County Water Authority

The San Diego County Water Authority has purchased a new building on 9 acres in Escondido for $38.76 million, according to a brokerage.

San Diego-based RPG sold the 88,552-square-foot facility. The property, now completed, is part of a larger planned two-building industrial development, known as the Escondido Logistics Center, on Citracado Parkway at So. Andreasen Drive.

The second building, at 58,502 square feet, is still under construction. It is set to be completed in January and is also on the market.

The water authority plans to use the site to replace its 76-year-old operations and maintenance facility on 5th Avenue in Escondido. Officials looked at 20 options before deciding on the Citracado property.

After design and construction, the move is set to take place in 2026. The project to replace the current 2.74-acre site has been in the works since 2018.

Cushman & Wakefield’s Aric Starck and Drew Dodds represented RPG, a privately held, commercial real estate investment firm that acquires, owns and develops industrial, mixed-use and office properties. 

“This was a unique industrial acquisition opportunity of a new Class A freestanding industrial building that is very well positioned in North San Diego County, a highly desired market,” said Starck, executive vice chair of Cushman & Wakefield.

He said the center is the first speculative industrial development to be completed in Escondido in the previous five years and of the few new industrial development options available in North County.

The Escondido Logistics Center includes 28-foot clear heights, heavy power, a large truck court and abundant loading positions, while its elevated hillside location allows for regional visibility. The property is located in the master planned Escondido Research and Technology Center, adjacent to Palomar Hospital.

What's Your Reaction?

like

dislike

love

funny

angry

sad

wow

CryptoFortress Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.