Description

We are pleased to present the opportunity to acquire a single tenant net leased investment in San Diego, California. The subject property consists of a two-story industrial/flex building of approximately 35,253 rentable square feet that sits on a 3.14 acre parcel. The building is comprised of concrete tilt-up framing, glass and masonry exterior, and a flat built up composition roof. Some highlights of the property include ample 3.66/1,000 SF parking ratio (129 spaces), three drive-in doors, extensive office build out of approximately 25,000 square feet and 10,000 square feet of climate controlled warehouse. Other site features include building and monument signage, completely fenced lot, and excellent exposure at the intersection of World Trade Drive and Camino del Norte.

Emerald Publications is the existing tenant and has occupied the site since it was constructed in 1995. There are approximately three and a half years remaining on the original seven year triple net lease that expires in September 2012 with two five-year options available at Fair Market Value. The current lease rate is $1.56/SF/month with $0.06 - $0.07 per square foot annual increases.

Carmel Mountain is located in the northern part of San Diego City, just south of Rancho Bernardo and north of Poway. The area has easy access to I-15, SR-56 and the I-15 "fast lane" making it an easy commute to downtown metropolitan offices and other employment centers.
Convenient shopping areas offer residents restaurants, retail shopping and services with ample parking. Residents of Poway, Rancho Bernardo and Rancho Penasquitos use these facilities as well. Residential neighborhoods are middle to upper-class; well-maintained open space, parks and golf courses give the neighborhood a rural feeling. Many homes have spectacular city views.