Hines Sells San Diego-Area Warehouse for $73M
This marks the county’s second-biggest industrial deal of 2025.
The Raceway Industrial building, a 228,548-square-foot warehouse in Carlsbad, Calif., has changed hands for $72.9 million in a deal brokered by Cushman & Wakefield. New Pacific Realty Corp. acquired the property, aided by an acquisition loan issued by City National Bank, public records reveal. Hines was the seller, according to Yardi Matrix data.
This deal marked the second-largest industrial transaction in San Diego County so far this year, according to the brokerage firm. The facility is fully leased to UPS on a long-term basis.
Raceway Industrial debuted in 2024, one year after Zions Bank had issued a $45.5 million construction loan, Yardi Matrix shows. FTW Construction served as the general contractor for this UPS build-to-suit project, according to its website.
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The warehouse features a 36-foot clear height with 69 dock and four grade-level doors, as well as 342 parking spaces and truck courts with a depth of 125 feet. What’s more, the building also features nearly 4 percent office build-out, including mezzanine space.
Located on more than 16 acres at 3125 Lionshead Ave., the last-mile facility is roughly 35 miles north of San Diego’s downtown area, port and airport. Interstate 5 runs 6 miles west, while Interstate 15 is about 9 miles eastward.
Cushman & Wakefield Executive Vice Chairman Aric Starck, together with Senior Director Drew Dodds, represented Hines, while Vice Chairmen Brant Aberg and Bryce Aberg led the negotiations on behalf of the buyer.
San Diego industrial investment drops by more than half
San Diego’s industrial sale activity plunged to just 1.2 million square feet during the first 11 months of 2025, representing a year-over-year drop of nearly 54 percent, according to Yardi Matrix data. The transaction volume also declined a similar 56 percent during the same interval, clocking in at $312.3 million.
The largest deal to close across the market year-to-date as of November was LBA Realty’s sale of 4400 Ruffin Road to CenterPoint, the same source reveals. The 202,547-square-foot asset commanded nearly $80.1 million in June.
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