La Mesa, CA
CBRE Arranged the $6.3 Million Sale of Free-Standing Building in La Mesa
The 14,000 sq. ft. property fronts the I-8 on 1.27 acres
April 18, 2024
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CBRE’s Michael Peterson, Camille Doan, Reg Kobzi, Joel Wilson, Hunter Rowe and Matt Carlson arranged the $6.3 million ($450 per sq. ft.) of 8375 Hercules Street in La Mesa, Calif. The team represented the seller (8375 Hercules, LLC) in the transaction.
The building’s site, strategically located alongside Interstate 8 (I-8), offers prominent visibility. The 14,000 sq. ft. building, the former home of Lamp Plus in La Mesa, sits on 1.27 acres at the end of a cul-de-sac with its own parking lot that includes 52 spaces.
“This building offered incredible freeway visibility and the opportunity to own an iconic La Mesa building that hasn’t traded in over 25 years,” said Mr. Peterson, first vice president at CBRE. “Our team yielded peak pricing for the seller by creating a bidding war with nine offerors vying for the asset.”
The property is highly visible along one of the leading trade throughways in La Mesa, with over 1.9 million cars passing by on I-8 daily.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2024 revenue). The company has more than 140,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.