CBRE Facilitates $3.95 Million Sale of Industrial Property

CBRE negotiated the sale of 9425 Wheatlands Court in Santee, Calif. The 13,660-sq.-ft.-industrial property sold all-cash for $3.95 million, or $289 per sq. ft., to a Southern California-based 1031 exchange buyer.

"Our client initially was sent several unsolicited offers between $2.5 million and $3.3 million," said Mr. Pourcho, executive vice president at CBRE.

"Following our consultation, we ultimately ran our marketing process and targeted out-of-town 1031 exchange buyers, which yielded an Orange County-based buyer undergoing a 1031 exchange and made an all-cash offer at asking price, 20% above the highest unsolicited bid."

The building, built in 1982, has 11,696 sq. ft. of warehouse and storage space with 18' clear heights and six drive-in loading doors. The current tenant signed a triple-net lease for five years.

Located in East San Diego County, the property is east of State Route (SR) 67 and north of SR 52, providing easy access to downtown San Diego and South County. The property is within two miles of restaurants and shopping destinations.

According to CBRE research, East County was the only submarket to see vacancies fall for industrial properties during the second quarter of this year. It also accounts for the lowest vacancy rate in the San Diego market at 2.7%.