CBRE Negotiates $20.3 Million Sale of Industrial Property in National City

CBRE arranged the sale of 131 West 33rd Street in National City, Calif., to a Los Angeles-based private buyer undergoing a 1031 exchange for $20.33 million or $258 per sq. ft.

"We continue to witness a trend of strong capital demand from private investors from Los Angeles pursuing opportunities in San Diego," said Matt Purcho, executive vice president at CBRE. "With this particular buyer, who was in a large 1031 exchange, we could provide secure cash flow to match their goals."

Mr. Pourcho and Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE's Investment Properties represented the seller, UniLev, a privately held commercial real estate company, in the transaction.

Mark Shaffer and Gary Stache of CBRE represented the private buyer in the transaction.

The 78,699-sq.-ft.-industrial building is on 3.23 acres in San Diego's South Bay submarket. The multi-tenant building, which is 97% occupied, features up to 20' clear height and has 26-grade level doors, three dock wells and three dock-high positions. The property was initially built in 1969 but has undergone two renovations, the most recent in 2019.

"Multi-tenant industrial investments continue to see strong demand from private investors seeking stable cash flow and long-term asset appreciation. This particular asset was an excellent fit for our 1031 buyer as there was an attractive assumable loan, and the two largest tenants recently renewed," added Mr. Shaffer, senior vice president at CBRE.

The property is east of Interstate 5 and north of State Route 54. Its location provides excellent access to downtown San Diego, seaport harbor, Naval yards and industrial distribution centers of Northern Baja, Mexico.