EL CAJON, CA — A multi-tenant industrial project in the thriving El Cajon industrial market sold for $17,750,000 on Sept. 24, 2021, Commercial Asset Advisors announced. The acquisition is among the largest multi-tenant industrial sales transactions in East County’s history, according to a search of the CoStar database. It is also among the largest privately-acquired, multi-tenant industrial transactions in San Diego County this year.
“Industrial properties remain one of the most coveted asset classes for investors in this environment, and assets like this one rarely trade hands,” said CAA Principal Brian Jenkins.
The 99,135-square-foot project is comprised of five buildings and is located at 202-208 Greenfield Drive and 1308 Magnolia Avenue in El Cajon. It is a multi-tenant, industrial project comprised of over 35 tenants. The building is currently 99% occupied with under-market rents, providing an attractive value-add opportunity.
The buyer, PWI Greenfield L.P., purchased the property with the intention of modernizing and improving the project with sustainable landscaping and new paint, signage, parking lot asphalt and automated gates. CAA Principals Mike Conger and Brian Jenkins represented the buyer in the complex off-market transaction as part of a multi-leg 1031 exchange. CAA will also be assisting with the future repositioning and leasing of the property. The seller, Almansor Properties L.P., was represented by Mark McEwen, Kurtis Blanchard, and Marc Posthumus of Colliers International. Peter Litton with City National Bank coordinated financing for the project, and Cameron Aldrich and Rob Shaw at Chicago Title assisted with title insurance and escrow services.
Jenkins said that the current environment is highly competitive for buyers of industrial properties. This property also boasts attractive features including great clear heights, access, parking, grade and dock-high doors, a dock well, cross-dock spaces, heavy power, fire sprinklers, and a variety of space sizes.
“We believe this project is nearly perfectly designed for the demands of the submarket,” Conger said. “This was a rare opportunity to acquire a best-in-class asset below replacement cost.”
About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,400 sale and lease transactions totaling over $500 million in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.