CT REALTY ACQUIRES POWAY INDUSTRIAL PROPERTY FOR $34 MILLION
Company’s Poway Holdings Exceed 451,000 Square Feet
CT Realty has made a major addition to its San Diego industrial portfolio with the purchase of 12367 Crosthwaite Circle in Poway, Calif. The 339,264-square-foot industrial building was acquired from Cohu Inc. for $34.05 million.
NASDAQ-traded Cohu currently uses the building as its headquarters. The company is a leading supplier of semiconductor test and inspection handlers, micro-electro mechanical system test modules, test contactors and thermal sub-systems used by the global semiconductor industry.
According to Steve Provencio, director of acquisitions for CT Realty, Cohu will lease back 146,635 square feet of the building for 10 years. CT will demise the remaining 192,629 square feet to accommodate one or two light manufacturing, warehouse and distribution, or R&D tenants.
Located on a canyon rim offering outstanding building identity, the Crosthwaite property is one of the largest industrial buildings in northeast San Diego County. The property is located in the Poway Business Park and features a two-story lobby, landscaped atrium with common area outdoor seating and a separate gated parking lot. The site is also adjacent to the Sportsplex USA sports and recreation facility and offers access to Interstate 15 via Scripps Poway Parkway.
Crosthwaite Circle is CT Realty’s second major acquisition in Poway in the past 12 months. In January 2015, the company purchased 13550 Stowe Dr., a 112,000-square-foot industrial property occupied by General Atomics Aeronautical Systems Inc. With the Crosthwaite acquisition, CT now owns more than 451,000 square feet of industrial space in Poway.
“Large industrial assets available for purchase in the Poway submarket are becoming increasingly rare due to strong market fundamentals and a lack of existing product,” Provencio said. “The opportunity to acquire the Crosthwaite property with a long-term Class A tenant and solid upside potential for the remaining space made this property extremely attractive.”
Louay Alsadek, Brad Black, Hunter Rowe and Andrew Taylor of the San Diego office of CBRE represented COHU in the transaction, with CT Realty representing itself.