CBRE Sells Two Industrial Buildings for $29.4 Million to 1031 Buyer

CBRE arranged the $29.4 million sale ($287 per sq. ft.) of 3215 and 3225 Executive Ridge in Vista, Calif., to Old Grove LLC, an out-of-town 1031 exchange buyer. The buildings combined total 102,239 sq. ft. and are triple net leased.

Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE's Investment Properties, alongside CBRE's Roger Carlson and Blake Wilson, represented the seller, DXW LLC, in the transaction.

"We continue to witness strong demand from the 1031 exchange buyer pool," said Mr. Pourcho, executive vice president at CBRE. "These two buildings were a perfect fit for this buyer looking for stable income with a great credit tenant, an excellent location, and attractive quality buildings."

The building at 3225 Executive Ridge was built in 2004 to serve as the corporate headquarters for BioFilm, Inc., a manufacturer and distributor of healthcare products. Two years following the first building's completion, 3215 Executive Ridge was built for additional warehouse and distribution needs. The firm will continue to occupy the property.

Situated on 2.64 acres, 3225 Executive Ridge totals 44,630 sq. ft. and features three loading docks, three grade-level doors and a 28-foot clear height. Thirty-three percent of the building serves as an office area, while the additional 67% serves the company's manufacturing needs.

Totaling 44,630 sq. ft., 3215 Executive Ridge is 71% warehouse and 29% office. It features drive-around truck access to two loading docks and four grade-level doors. The building is equipped with heavy power and fully sprinkled.

The North County location provides easy access to State Route 78, connecting to Interstates 5 and 15 distribution routes. North County's industrial market has remained healthy; CBRE research shows over 2.9 million sq. ft. of industrial leasing occurred last year.

James DeRegt from Lee & Associates represented the buyer.