Deal Closed: Oceanside, CA

We are excited to announce that Westlake has closed on an industrial acquisition in San Diego County: 2614 Temple Heights Drive, a 28,900 square foot light industrial facility located in Oceanside, among the most supply constrained industrial submarkets in the country.

This transaction was sourced as a distressed acquisition out of bankruptcy, allowing us to secure the property at a compelling basis of $6.0 million, or $208 per square foot: a 20-50+% discount to recent sales in the submarket. Importantly, the deal closed with a tenant in tow for the full site.

Talitha Coffee Roasters, a well capitalized San Diego-based operator with an established regional footprint, executed a five-year NNN lease. The tenant’s acquisition of the existing bakery business and onsite equipment further strengthens tenant stickiness.

Oceanside’s infill industrial market continues to benefit from limited new supply, strong regional employment drivers, and its strategic position along the I-5 / SR-78 / SR-76 corridor, connecting coastal San Diego with inland North County and the broader Southern California logistics network. The property’s ~30,000 SF size sits squarely in the “sweet spot” for owner-users in North County San Diego, supporting multiple exit strategies at lease expiration. Over a six-year hold, we project a 16.6% net IRR and a 2.33x equity multiple.

This rare opportunity to acquire an infill San Diego County asset at below market pricing reflects our investment platform’s patient and disciplined approach to sourcing mission critical assets in highly constrained submarkets. We again extend a special thanks to our family, friends, and investment partners as we continue to scale Westlake’s investment platform.