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Deal of the Week - Sale

Vista industrial campus sale

The Deal of the Week was handled by Aric Starck of Cassidy Turley San Diego, and Rick Putnam and Bret Hardy of the Los Angeles office of Colliers International.

The deal was the sale of the five-building, 493,898-square-foot North County Corporate Center 990 and 995 Joshua Way, and 2750, 2760 and 2765 Progress St. in Vista for $57.65 million.

The buyer was Vista Industrial LLC, controlled by the Los Angeles offices of Hartford-based Cornerstone Real Estate Advisors LLC.

The seller was I&G Direct Real Estate 8 LP, a unit of JPMorgan Chase (NYSE: JPM) of New York City.

The buildings are primarily industrial, but each contains an office component. All of the buildings feature dock-high and grade-level doors.

The campus was constructed in 1999 on approximately 26 net acres and has about 40,000 square feet available for lease.

Starck said he doesn't anticipate any major difficulty leasing the space given that the Vista submarket has seen its industrial vacancy decline to about 7 percent.

Major tenants in the complex include Jeld-Wen, a major window and door manufacturer that leases about 180,000 square feet; John Deere Water; CTDI, an electronics firm; Hay House, a publisher; and the Graybill Medical Group.

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