Mercury Tech Center

(Case Study)

San Diego, CA

Square Footage: 80,410 Acquired: November 2013 Purchase Price: $7,000,000 Sold: February 2017 Sale Price: $17,300,000

In another venture with Alex. Brown Realty, CIP Real Estate acquired this 80,000 square foot, former Kearny Mesa multi-tenant industrial park in 2103 from a division of Union Bank which used the project as a “back office” call and loan center.  Union Bank vacated the six buildings in the project over a year’s span after the sale, during which time CIP Real Estate’s management team converted each building back to its original small unit bay industrial/flex condition at a total cost of approximately $2.0 million.

In addition to the full renovation of the interior suites, CIP Real Estate rebranded the park by completely altering the exterior finish of the park to a modern “tech” look. As a direct result of this renovation, the project was highly successful in attracting R&D and low intensity manufacturing/assembly tenants in this hyper-strong San Diego sub-market.

Mercury Tech Center was sold in January 2017 to a private investor producing outstanding overall returns to the ownership.