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Rockpoint Announces Sale of Two-Building Industrial Property in San Diego Area

Rockpoint Announces Sale of Two-Building Industrial Property in San Diego Area

Sale to Badiee Development marks the completion of a series of three industrial transactions between the two companies

BOSTON, Oct. 8, 2024 /PRNewswire/ — Rockpoint, a Boston-based real estate private equity firm, today announced the sale of a two-building industrial property located on Sanyo Avenue in Otay Mesa, California (the “Property”) to Badiee Development, Inc. (“Badiee”). This transaction is the third in a series of three industrial properties Rockpoint and Badiee jointly purchased and developed, and completes Rockpoint’s realization of all three properties. Financial terms of the transaction were not disclosed.

The 243,000 square-foot Property is situated in a desirable economic hub, 20 minutes from downtown San Diego and less than one mile from the second most active U.S.- Mexico commercial border crossing. Strategically located to capitalize on San Diego’s Foreign Trade Zone, the Property offers local businesses unique cost-savings opportunities related to cross-border trade activities. Rockpoint and Badiee acquired the 15-acre site in June 2021 and subsequently developed the best-in-class industrial property.

“We greatly value our partnership with the Badiee team and are thrilled with their execution on these developments,” said Aric Shalev, Co-President and Managing Member at Rockpoint. “This transaction highlights our focus on investing in and developing trophy industrial assets in markets and regions that have favorable long-term supply/demand dynamics. With its proximate access to U.S.- Mexico trade activities and market-leading attributes, the property is well-positioned for future performance.”

In addition to this Property, Rockpoint and Badiee collectively purchased and developed two other industrial investments. The first is a 247,500 square-foot single-building property located at 8151 Airway Road in Otay Mesa, which Rockpoint and Badiee sold in 2022. The second property is Tropical Logistics, a 259,000 square-foot industrial development in North Las Vegas, Nevada. Rockpoint sold its interest in this development in May 2023.

“We’re thrilled to have partnered with Rockpoint to invest in and develop three industrial properties that maximize functionality, flexibility and efficiency for current and future tenants,” said Ben Badiee, President and CEO at Badiee Development. “Together, we met our goals of creating high-quality industrial spaces that meet the needs of the Otay Mesa submarket of San Diego, and in North Las Vegas.”

The Property is located at 2080 Sanyo Ave and 9350 Airway Rd and features best-in-class functional attributes, including 32-foot clear heights, a desirable dock door ratio, convenient access to the 125 and 905 freeways and the flexibility to accommodate multiple tenant configurations in each building.

About Rockpoint
Rockpoint is a real estate private equity firm that employs a fundamental value approach to investing, targeting select product types and markets throughout the United States. The firm applies a consistent and disciplined investment approach across its investment programs, which span distinct return profiles. Rockpoint continually assesses market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, and targets investments that Rockpoint believes are inefficiently priced or misunderstood by the broader market. Rockpoint proactively pursues opportunities that exhibit strong value potential that can be realized through impactful asset management. Since 1994, the firm’s co-founders with others have sponsored 19 investment vehicles and related co-investment vehicles through Rockpoint and a predecessor firm and have invested or committed to invest in 504 transactions with a total peak capitalization of approximately $80 billion. To learn more, visit www.rockpoint.com.

About Badiee Development, Inc.
Formed in 2003, Badiee Development, Inc. is a full-service real estate development company specializing in the ground-up development of distinctive logistics and industrial projects throughout the Western United States.

Contacts

Rockpoint
Sarah Salky / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
[email protected]

Badiee Development
Ben Badiee
[email protected]
888-815-8886

SOURCE Rockpoint Group, L.L.C.

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Originally published at https://www.prnewswire.com/news-releases/rockpoint-announces-sale-of-two-building-industrial-property-in-san-diego-area-302270200.html
Images courtesy of https://pixabay.com

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