Rockefeller Group has bought three parcels totaling 11.6 acres in Chula Vista, Calif., for the development of three industrial buildings totaling 201,200 square feet. HomeFed Corp. sold the three parcels for $7.3 million, according to San Diego County Records.
Voit Real Estate Services represented Rockefeller in the transaction. The construction on Heritage Industrial Park is set to begin in June and the project is scheduled for delivery by winter 2023.
The development will comprise three industrial buildings encompassing 104,900 square feet, 55,700 square feet and 40,600 square feet, each on a separate land parcel and up for lease or sale. According to Rockefeller’s Vice President & Regional Director Marc Berg, the company’s strategy for the project is to develop three buildings in the small to mid-size range, thus offering prospective users options in an area where vacancy rates for Class A industrial properties are low.
Located along Heritage Road, the development will be less than 3 miles east of Interstate 805, offering easy access into San Diego. It will also be less than 4 miles northwest of Brown Field Municipal Airport.
Heritage Industrial Park will be Rockefeller’s second development in South San Diego, following the completion and sale of Airway Industrial Park. Last month, the company also sold the 289,407-square-foot Val Verde Logistics Center in Perris, Calif., for $92 million.