(SAN DIEGO) – Hines, the international real estate firm, announced today it has closed on 16.4 acres of land for the development of Raceway Industrial, an industrial logistics site near San Diego, California.
Current development plans for this site include a one-story, 249,000-square-foot warehouse located in Carlsbad. Hines aims to deliver the building in early 2022. The property is located between two major interstates, the I-5 and I-15, and provides an ideal last-mile location for future tenants to service the northern San Diego market.
North County is a premier industrial submarket for San Diego. Over the past five years, the region has seen significant tenant migration and is home to many notable distribution tenants. Given this convergence, a majority of the remaining supply is under 100,000 square feet providing a unique opportunity for this site to attract a large user in an increasingly critical distribution area.
“This transaction represents our first San Diego industrial land acquisition and aligns with Hines’ investment strategy for continued growth within the industrial and logistics sector in California,” said Eric Hepfer, managing director at Hines. “We believe this latest endeavor will be an extension of the success we’ve experienced in this market.”
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 225 cities in 25 countries. Hines has approximately $144.1 billion¹ of assets under management, including $75.5 billion for which Hines serves as investment manager, including non-real estate assets, and $68.6 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,426 properties, totaling over 472 million square feet. The firm’s current property and asset management portfolio includes 576 properties, representing over 246 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information. ¹AUM includes both the global Hines organization as well as RIA AUM.