Adam Robinson’s RAF Pacifica scored one of the biggest real estate deals of the year in October with the $170 million sale of 12 industrial and office buildings in North County and Temecula.
Some brokers said it was the biggest single real estate transaction in San Diego County in at least 10 years.
RAF Pacifica has been one of the most prolific developers of industrial property in North County.
Included in the sale were industrial projects that the company built from the ground up and nine industrial buildings that RAF Pacifica bought and renovated.
The new buildings were in Carlsbad, Vista and San Marcos.
The renovated buildings in the sale were in Carlsbad, Vista, San Marcos and Temecula.
In a related transaction, RAF Pacifica sold an industrial distribution building in Oceanside for $36 million.
The Oceanside property was originally going to be part of the same portfolio as the others, but Robinson said the deal came together sooner than expected.
The plan all along had been to see the industrial property once tenants were in place, Robinson said.
With these transactions, RAF Pacifica is stepping away from development of new industrial projects.
Land has just become too expensive for new industrial projects to make sense, according to Robinson.
“We haven’t found any land that makes sense for us to buy and build industrial,” Robinson said at the time of the sale. “We’re not looking to do ground-up industrial in San Diego County in the near future at least.”