Two North County commercial buildings have been sold for $29.4 million, or $287 per square foot, a real estate brokerage announced.
Old Grove LLC, an out-of-town buyer, purchased the properties, at 3215 and 3225 Executive Ridge in Vista.
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. James DeRegt from Lee & Associates represented the buyer.
“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,” said Pourcho, executive vice president at CBRE.
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 after it was completed, 3215 Executive Ridge was built for additional warehouse and distribution needs.
The firm will continue to occupy the properties.
Situated on 2.64 acres, 3225 Executive Ridge totals 44,630 square feet and features three loading docks, three grade-level doors and a 28-foot clear height. A third of the building serves as office space, with the remainder for manufacturing.
Totaling 44,630 square feet, 3215 Executive Ridge is 71% warehouse and 29% office. It features drive-around truck access to two loading docks and four grade-level doors.
North County’s industrial market has remained healthy; CBRE research shows over 2.9 million square feet of industrial leasing occurred last year.
