RPG and CenterSquare Acquire 203,000 SF Value-Add Asset in North San Diego, CA

 

Adam Robinson

 VISTA, CA, Feb, 23, 2021 – RPG, a San Diego-based owner, operator, and developer of high-quality commercial real estate, in joint venture partnership with CenterSquare, a global investment manager has acquired 1 Viper Way in the North San Diego submarket of Vista, CA.

RPG is a dynamic real estate owner and operator who has a rich history within the San Diego market. To date, the firm has more than 4.8 million square feet in AUM totaling more than $900 million across San Diego.

“This acquisition is perfectly aligned with our niche approach to identifying, sourcing, repositioning, and developing exceptionally well-located, high-quality assets in the San Diego market, especially in North San Diego,” says Adam Robinson, Founder and President of RPG. 

“This property previously served as the headquarters for an automotive technology company for 20 years and is now currently vacant. This provides a significant opportunity for upside potential and allowed us to acquire the asset at a discount.”

Jeffrey B. Reder

RPG and CenterSquare plan to implement a comprehensive repositioning plan to modernize the property to appeal to a growing number of industrial tenants throughout the region.

“North San Diego has emerged as a hub of growth over the last several years as quality industrial users continue to migrate to the region,” says Robinson. 

“By updating the property and integrating features and amenities we know users are demanding, we can drive long-term demand for the property over time. In fact, our firm RPG is known throughout San Diego for our creative industrial properties and the unique value our assets bring to tenants and the community.”

 

Aric Starck

Planned improvements to the property include adding nine new dock-high doors along with five new grade level doors. The JV partnership also plans to reduce the amount of office and mezzanine space to appeal to last mile industrial users.

“CenterSquare continues to have strong conviction in the growing value of ‘last-mile’ industrial properties for tenants and looks forward to meeting the strong demand from a broad spectrum of users in the e-commerce, manufacturing, and life sciences sectors in the San Diego market,” says Jeffrey Reder, Managing Director for CenterSquare Investment Management.

According to Aric Starck, Vice Chairman at Cushman & Wakefield, “1 Viper Way is well positioned to attract industrial demand in the county as one of the region’s largest lease-up opportunities, with 28’ clear heights, heavy power and exceptional dock loading with the ability to significantly expand dock and grade level loading.”

 Bill Cavanagh 

The property is located at 1 Viper Way in Vista, California. Starck and Bill Cavanagh with Cushman & Wakefield represented Stockbridge, a private equity real estate investment management firm based in San Francisco, in the transaction.

 

About RPG

RPG is a privately held, full-service commercial real estate investment firm that acquires, owns, and develops industrial, office, residential and mixed-use properties throughout Southern CA. 

The firm is spearheaded by Adam Robinson who has directed the firm’s acquisition and development of over 4mm SF and over $700 million in commercial properties.

          With Adam Robinson at the helm, RPG oversees a portfolio of over 3 million square feet of real estate, with a focus in multi-family, mixed-use, office and industrial product. The firm continues to actively seek value-add investment and ground-up development opportunities in Southern California.

Contact:

Lexi Astfalk

Brower Group

(949) 438-6262

Lastfalk@brower-group.com

www.cushmanwakefield.com.