North County’s tight industrial scene is getting another vote of confidence, with Automotive Properties REIT moving to acquire a Rivian-leased building in Vista. The roughly 60,000-square-foot Palomar Corporate Center site houses Rivian’s local sales, delivery and service operations and was marketed to investors late last year.
Deal details
Automotive Properties REIT says it has waived conditions to purchase the Vista property for about US$16.0 million and expects the transaction to close in the first half of 2026. In its fourth-quarter MD&A, the REIT pegs the asset at approximately 59,828 square feet, occupied by Rivian under a mid-term net lease that includes fixed annual rent increases and renewal options. The acquisition is set to be funded by drawing on the REIT’s revolving credit facilities, according to Automotive Properties REIT.
Property and tenant
The Vista building is marketed as a single-tenant NNN service center that has been customized for Rivian, including tenant-funded EV charging infrastructure and a secured truck court. Marketing materials on LoopNet describe the property as North San Diego’s only Rivian service center, built out to handle sales, delivery and service functions.
Price and seller
Commercial real estate data shows the buyer paid about $16 million, or roughly $267 per square foot, for the property, which CoStar reports was sold by RAF Pacifica Group. The deal highlights ongoing investor demand for stabilized, net-leased industrial income in North County.
Local market context
San Diego’s industrial fundamentals stayed relatively tight through 2025, with Cushman & Wakefield reporting sub-8% vacancy and positive net absorption in its Q4 2025 MarketBeat. That combination of constrained supply and steady demand helps explain why buyers are willing to pay up for mission-critical locations that carry long, predictable cash flows, according to Cushman & Wakefield.
What it means for Rivian drivers
The mid-term NNN lease and Rivian-funded build-outs mean the automaker should remain anchored at the site while the REIT collects a predictable rent stream. Those lease features, including contractual rent escalations and renewal options, are specifically cited in the REIT’s MD&A, which frames the purchase as a financing move to lock in income from an operational EV service hub, according to Automotive Properties REIT.
