Poway Industrial Building Sold For $44M
A Poway industrial building has been sold by CT of Newport Beach for $44 million to General Atomics Aeronautical Systems.
General Atomics plans to occupy about 57 percent of the 339,328 square-foot building at 12367 Crosthwaite Circle in the Poway Business Park.
The remaining 43 percent of space will be used by Cohu, a semiconductor company which sold the building to CT in 2015 for $34 million.
Mickey Morera, executive vice president of Kidder Matthews, and Ted Cuthbert, senior executive vice president with Colliers International, represented both parties.
“The availability of large industrial assets for sale in the Poway submarket is scarce due to strong market fundamentals and a lack of existing product,” said Mark Belluomini, CT executive vice president. “The opportunity to sell this property with a long-term creditworthy tenant in place and to a growing company in the immediate submarket made the sale extremely attractive.”