The sellers in the Deal of the Week were represented by Joe McDermott, Ron King and Bob Willingham, of Cushman & Wakefield. The buyers were represented by David Pinnegar, of Colliers International.
The deal was the sale of the Vista Business Park, the 128,531-square-foot industrial building at 2611 Business Park Drive, Vista, for $13.55 million.
The buyers were KI-Vista LPSM LLC (60 percent) and GK-Vista TSM LLC (40 percent), both as tenants-in-common, c/o Mike Daugherty, 1000 S. Santa Fe Ave., Los Angeles 90021.
The acquisition was financed with a $6 million loan from The Canada Life Assurance Company. The new ownership intends to occupy the property as Stone Brewing Company, according to the brokers.
The sellers were APG Saginaw I L.P. (50 percent) and SR10-2611 Business Park Drive LLC (50 percent), both as tenants-in-common.
The building was constructed in 1999 on 9.51 acres and consists of 94,163 square feet of industrial space, 34,368 square feet of office space and an additional 7,000 square feet of bonus mezzanine. The building features a 24-foot clear height, nine dock doors and six grade doors.
In early 2013, the property was sold for $10.14 million. Shortly after completion, the property was sold for $6,827,582, by Hamann Consolidated, the developer.