SAN DIEGO –Transwestern Real Estate Services announces that it has been awarded the property management assignment of Rose Canyon Business Park, a 232,863-square-foot industrial portfolio located at 4901 - 4907 Morena Blvd., in San Diego. The Transwestern team, comprised of Senior Vice President Chris Cussen, Property Manager Sabrina McChesney, and Property Administrator Laurie Oleksiak, will provide innovative Asset Services activities for the portfolio.
Transwestern was hired for the assignment by Vertical Ventures, which purchased the park in March 2023. A 15-building, multi-tenant industrial portfolio, Rose Canyon Business Park is more than 99% leased to approximately 140 tenants. Transwestern and Vertical Ventures plan to do additional base building upgrades, including new roofing and ongoing tenant improvement projects.
“Rose Canyon Business Park fits perfectly into our investment strategy of revitalizing quality assets that are currently undervalued,” said Mark Heavey, Senior Vice President of Vertical Ventures. “We look forward to improving the asset and bringing solid returns for our valued investors, with the assistance of the Transwestern team.”
Rose Canyon Business Park was constructed in the late 1970s and 1980s and renovated in the early 2000s. The park consists of single- and two-story industrial buildings situated on approximately 38 acres. Onsite amenities include a fitness room, outdoor basketball courts, multiple picnic and social gathering areas and a deli. The park offers excellent highway access to Highway 52, Interstates 5 and 805, and nearby access to UCSD and public transportation.
“Rose Canyon Business Park provides us the opportunity to work again with Vertical Ventures, for whom we manage an asset in the Oakland area,” said Cussen. “Our team’s focus will be to support Vertical Venture’s strategic plans for the asset, help reduce operational costs, and ensure that we retain and attract top tenants to this exceptional industrial park.”
Transwestern currently manages approximately 300 industrial and flex buildings consisting of 70 million square feet of space nationwide. According to research from Transwestern, as of the close of the second quarter of 2023, the Pacific Beach/Rose Canyon/Morena submarket has an inventory of 2 million square feet of industrial space with a vacancy rate of 6.6%.
About Vertical Ventures
Founded in 2004, Vertical Ventures is an established, highly-focused investor, developer and operator of institutional quality commercial real estate assets. The firm concentrates on identifying, acquiring and revitalizing well-located, quality assets that are temporarily undervalued. The professionals of the firm average nearly 20 years’ experience transacting and operating real estate and generating attractive investment returns from both institutional and entrepreneurial platforms. Our unwavering goal is to extract unrecognized value from the real estate and maximize the returns to investors, while providing a high level of service and communication to our financial partners. For more information, please visit www.verticalventuresllc.com.
About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
Media Contact:
Dan Foley
508.272.0017
dan.foley@transwestern.com
twmediarelations@transwestern.com
