A joint venture of Irvine-based Pelican Realty Group LLC and Los Angeles-based PI Properties has acquired the two-building Harbor Center industrial property in San Diego’s Barrio Logan neighborhood for $3.66 million, the buyers announced.
The seller of the 40,493-square-foot property, at 2363 and 2393 Newton Ave., was an entity controlled by USA Properties. The deal was an all-cash, off-market transaction.
Harbor Center was built in 1989 on 1.41 acres near Interstate 5. It was 45 percent occupied at the close of escrow, and the new owners plan “an aggressive tenant outreach program” to lease up the remaining space over the next several months