Ownership shifts at SoCal industrial park

Property fully leased at closing

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An 86,327-square-foot industrial park known as Centerpark Business Plaza has been sold in Escondido, Calif. The value of the transaction was $8.7 million. The 4-building, multitenant property is located on 4.7 acres at 1201 through 1291 Simpson Way. The buyer was Snow-Wyne Industrial Park, a California general partnership. The seller was Fowler Flanagan Centerpark Associates. Colliers International and Coldwell Banker Commercial represented the seller. Grubb & Ellis/BRE Commercial and Lee & Associates represented the buyer. The business park was 100 percent leased upon close of escrow. Suites range from 1,100 to 7,470 square feet. Centerpark has 28 tenants, including BMW Motorcycles of Escondido, Nemo's Bakery and North County Moving and Storage. Two of the buildings were constructed in 1978; two in 1990. The project was recently renovated. In 2001, Fowler Flanagan acquired the property for $5.3 million. Colliers International is a provider of commercial real estate s...