CenterPoint Properties acquires Class A infill warehouse in Central San Diego

CenterPoint Properties has invested in a last-mile distribution facility at 4400 and 4450 Ruffin Rd. in San Diego, CA. The transaction is the national firm’s first in San Diego and comes just weeks after it announced it had expanded into Atlanta.

CBRE National Partners’ Hunter Rowe, Matt Carlson, Michael Longo, Eric Cox, Barbara Perrier, and Joe Cesta brokered the offering of the fully leased building.

CenterPoint’s West Region senior vice president, Evan Lippow, lauded the facility’s unique combination of high-quality improvements and a best-in-class location.

“This was a rare opportunity to acquire a stabilized Class A building in the heart of the premier submarket in San Diego,” Lippow said. “Central San Diego is an infill submarket with high barriers to entry for new development, in a location that allows tenants to service the entirety of the San Diego MSA.”

Located at the intersection of Balboa and Ruffin Roads in Kearny Mesa, the industrial epicenter of the Central San Diego submarket, the property offers its tenants optimal access to the market’s 3.3 million consumers via I-15, I-805, I-5, I-8, SR-163, and SR-52. The Port of San Diego and San Diego International Airport are 11 miles from the Ruffin Road property.

The 202,547-square-foot warehouse was built between 2018 and 2024 and includes a strong door count – 57 dock-high doors and 11 drive-ins – a 32-foot clear height, and ESFR sprinklers. The 13-acre property accommodates parking for 328 cars and 57 trailers.

“In addition to the functional characteristics of new construction, the subject property demises into multiple suite sizes that cater to the deepest pool of tenants in the market. CenterPoint looks forward to building a portfolio in Central San Diego that aligns with market demand,” Lippow concluded.

“An acquisition of this quality reflects CenterPoint’s strategy to enhance portfolio quality in the coming years. San Diego is a market we’ve had our eyes on for a couple of years, and we are bullish on its growth potential in the future,” said Bob Andrews, CenterPoint’s executive vice president, head of West Region. “Sellers are looking for investors who can offer them the certainty to close, especially in uncertain times. We’re looking forward to more opportunities to acquire top-tier assets like this here soon.”

Earlier this month, CenterPoint added Pete Williams as West Region senior vice president of Investments. Williams will lead CenterPoint’s investment efforts across the West Region in his new role, including future opportunities in San Diego.