A joint venture between San Diego-based Janez Group and Newport Beach-based Buchanan Street Partners this week announced it acquired the Parkway Commerce Center, a 147,907-square-foot, multitenant industrial park in Poway, Calif.
The purchase price was $22 million.
Built in 1998, the four-building office-flex and industrial-warehouse center is located at 13651-13771 Danielson St.
Approximately 60,000 square feet of the Parkway Commerce Center serves flex-office users with spaces ranging from 1,900 square feet to 3,500 square feet. An additional 90,000 square feet is allocated to industrial warehouse users, leasing space ranging from 5,800 square feet to 8,300 square feet. Going forward, the buyer plans to convert the flex-industrial center into for-sale condominiums to satisfy the growing demand for this product type.
At the time of sale, the property was 92 percent leased by 23 tenants, including Beverage Factory, TNT Logistics and Boyer Moving and Storage.
“We believe this is an attractive acquisition given the high demand for this type of product mix in mid-county San Diego,” said Janez Vice President Ryan Gilbert. “We see fewer new buildings coming on line to satisfy demand over the short term due to development constraints and rising construction costs.”