BryceAberg,SIOR, BrantAberg CassidyTurleySanDiego 9115 Activity Road, San Diego 85,180 square feet Total consideration: $10.1 million
About the property: 9115 Activity Road is located in the Miramar submarket of San Diego. The parcel is directly adjacent to Range Rover, Audi and Porsche dealerships, which are all owned by the Kuni Automotive group. Due to its proximity to Kuni Automotive’s existing dealership locations, 9115 Activity Road was the ideal location to replace the company’s undersized repair facility.
Closing the deal: 9115 Activity Road was the largest owner/user sale transaction in central San Diego in 2012. There were a number of hurdles to overcome in completing the sale. First, the buyer required that its existing facility was sold prior to entering into a contract on 9115 Activity Road. This, in turn, limited the identification, due diligence and closing timeframes of the building.
During the due diligence period, unknown deferred maintenance and mechanical issues were discovered. In addition, because of the size of the building and lack of data points, it was difficult to determine the appraisal and purchase price value.
Finally, the time of year in which this transaction took place contributed to difficulty, because of the uncertainty of the pending election. However, the brokers were able to work through the issues quickly and keep the escrow on schedule.