CBRE Arranges Sale of 38,580-SF Building in Chula Vista for $11.6 Million

CBRE arranged an $11.6 million sale of 2371 Fenton Street, a 38,580-sq.-ft. Class A flex property located in Chula Vista to Harbor Springs Charter School.

Matt Pourcho, Matt Harris and Anthony DeLorenzo of CBRE's Private Capital Partners represented the Seller, Los Angeles based North Palisade Partners, in the transaction. North Palisade purchased the property in July, 2021 and successfully implemented its repositioning plan.

Constructed in 2000, the two-story property currently consists of office and meeting spaces but can be converted into a warehouse or research and development facility. The property is 100 percent triple net leased to La Roca Christian Church's corporate headquarters through 2031.

“We received multiple offers on the property from a variety of buyer profiles and sold the property twice in less than two years. The market remains resilient and strong despite interest rates rising” said CBRE's Pourcho.

Located in the Eastlake Business Park, the property is East of State Highway 125 and directly accessible from Fenton Street. Directly behind the building is Scobee Park and within walking distance from two retail destinations.

The South San Diego industrial market has tightened over the last few years. In the third quarter of 2022, the area recorded a 2.6 percent vacancy and 382,750 sq. ft. of positive net absorption and 987,019 sq.-ft. under construction.