Press Release: Poway building on Kirkham acquired by Spooner's
Poway
building on Kirkham acquired by Spooner's
Published: San Diego Daily Transcript - Tuesday,
April 7, 2015
The 58,099-square-foot
industrial building at 12460 Kirkham Court, Poway 92064 has been sold for $7.75
million.
The 58,099-square-foot industrial building at 12460 Kirkham Court, Poway 92064 has been sold for $7.75 million.
The buyers were 12220 Kirkham LLC, a California limited liability company (40 percent) and 12460 Kirkham LLC, a California limited liability company (60 percent). The members of 12220 were Thomas E. Spooner, Rosmari M. Spooner and Stephen W. Spooner, all trustees of the Spooner Family Revocable Trust, 12305 Crosthwaite Circle, Poway 92064. The managers of 12460 are Stephen Spooner and Thomas Spooner.
The acquisition was
financed with a loan of $6.2 million from the California Enterprise Development Authority.
The seller of the
property (assessor's parcel 317-225-16) was Windsor LLC, a California limited liability company with Geraldine
L. Hillman as the manager.
The buyers were
represented by Vince Provenzano, president, and Shirley Kanamu, of Pacific Coast Commercial. The seller
was represented by Mike Erwin, Tucker Hohenstein and Todd Murphy, of Colliers International.
Vincent Provenzano Jr.,
of Fidelity National Title
secured title insurance and Samantha Maestas, also of Fidelity, coordinated
escrow services.
The building consists of
30 percent office, 30 percent HVAC R&D space and 40 percent of warehouse
with high-end finishes, dock and grade level loading and 22-foot Clear height.
The building was formerly occupied by Life
Force International.
The property will be the
new facility for Spooner's Woodworks
Inc. which recently sold its former location at 12220 Kirkham Road to
expand into the new facility.
The former Spooner's
facility was sold in March for $4.5 million. The seller was Windsor and the
buyer was Kirkham Pacific LLC, a
California limited liability company. Yousef L. Shemirani is the manager of
Kirkham Pacific. The transaction was financed with three loans; $2.55 million
and $2.04 million from U.S. Bank
and $2,097,000 from Capital Access
Group Inc.
Provenzano noted that
“Poway is a great attraction for many of the large corporations such as Sony Corp. and General Atomics, as well as the mid-sized corporations like
Spooner Woodworks. Spooner's was established in Poway nearly 35 years ago and
it was important to them to maintain their presence in the community as their
business continues to thrive.”
DISCLAIMER: This blog/article has
been curated from an alternate source and is designed for informational
purposes to highlight the commercial real estate market. It solely represents
the opinion of the specific blogger/author and does not necessarily represent
the opinion of Pacific Coast Commercial. www.PacificCoastCommercial.com
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