New York-based food, snack, and beverage company PepsiCo has completed the divestment of a roughly 174,000-square-foot, three-building industrial portfolio in San Diego for $30.3 million.
PepsiCo sold the property to U.S. commercial real estate firm Lincoln Property Co. and investment firm Crow Holdings Group, which were represented by Choyce Peterson Inc. and Kidder Matthews on the deal.
Situated at 7995 Armour St., 4212 Pepsi Drive and 7902 Othello Ave. in Kearny Mesa, the buildings are almost 2 miles from Interstate 805. PepsiCo is planning to lease back the entire asset for 18 to 24 months.
The new owners plan to upgrade the existing buildings and redevelop portions of the food-grade warehouses, which were completed in 1962, 1967 and 1977 on a 10.6-acre site.