CBRE Arranges Sale of $15M Industrial Park in San Ysidro

CBRE facilitated the sale of a four-building 69,530-sq.ft.-industrial park located at 464, 494 and 524 West Calle Primera and 2325 Via Tercero in San Ysidro, Calif., to Partners Capital, Inc., a 1031 exchange buyer based in Los Angeles.

CBRE’s Matt Harris and Matt Pourcho represented the seller, Border Business Center LLC, in the transaction.

"We had 24 hours to find a buyer for this property before the seller signed an unsolicited offer," said Pourcho, executive vice president at CBRE. "Ultimately, we located a private 1031 buyer from Los Angeles who went non-refundable on day one, signed an AIR PSA with minimal changes, and paid a significantly higher price than an unsolicited offer. Industrial products remain strong in San Diego, and we only see fundamentals improving. Our access to quick-close private capital continues to pay off for owners looking to sell at a premium."

The property is located near the border in Otay Mesa is knowns as the Border Commerce Center (BCC). The four-building industrial park is fully leased and features 51 suites, averaging 1,200 sq. ft. in size.

"Properties of this scale are difficult to come by in Southern California," added Ryan Adjnasian, Vice President of Partners Capital. "BCC had every investment attribute we look for: sub 1,500 Avg. Unit Size, below market in-place tenancy with less than 12 months WALT, and each building separately parceled."

Mark Blumenthal, Managing Director, and Bobby Khorshidi, President and CEO at Partners Capital, added, "BCC is an accretive investment to our expanding platform and portfolio. San Diego has long been a destination we've worked towards arriving at, and BCC checked our investment criteria programmatically."