A newly built logistics center in Carlsbad leased to UPS just changed hands for about $72.9 million, landing among the largest industrial sales in San Diego County this year. The single-tenant, large-format building drew serious attention from both institutional and private capital, a clear sign that last-mile distribution space in North County is still very much in demand. Brokers say the trade highlights just how scarce big coastal industrial blocks have become.
Deal Details And Who Handled It
Cushman & Wakefield arranged the sale, with Aric Starck and Drew Dodds representing the institutional seller and Brant Aberg and Bryce Aberg working on behalf of the private capital buyer, according to Connect CRE. That report pegs the final sale price at $72,886,000 and notes that the brokerage team is calling it the second-largest industrial transaction in San Diego County so far in 2025.
Property Specs And Developer
The property, marketed as Raceway Industrial, sits at 3125 Lionshead Ave. The general contractor’s project page lists the building at 222,959 square feet and identifies Hines as the developer, while public commercial listings confirm the Carlsbad address and parcel details. TFW Construction and commercial property records lay out the site information and basic specs for the tilt-up warehouse.
Tenant Profile And Income Stability
The facility is 100% leased to UPS on a long-term basis, and the Cushman team pointed to the tenant’s investment-grade credit as a major driver of buyer interest. Connect CRE also reports that the building includes dedicated office and mezzanine space, and that the UPS tenancy provides predictable, long-term cash flow for the new owner.
Why This Matters For North County
Large, single-tenant industrial buildings close to population centers are hard to come by in Carlsbad and across North County, which makes a stabilized UPS distribution site a hot commodity for both institutional and private buyers. Hines, which first announced acquisition and development of the site, has consistently touted the project’s access to both I-5 and I-15 as a strategic edge for last-mile logistics. Hines emphasized proximity to regional highways when it initially acquired the land for the project.
For locals watching the market, the deal is a reminder that big, modern industrial product remains one of the most sought-after asset classes in San Diego. Well-located distribution centers, especially those backed by investment-grade tenants, can still command strong pricing even in a cautious capital environment. Brokers involved in the trade say the sale underlines ongoing appetite for stabilized logistics properties heading through 2025.
