A five-building complex in the El Cajon industrial market has sold for $17.75 million, according to Commercial Asset Advisors in San Diego.
The buyer, PWI Greenfield L.P., purchased the property with the intention of modernizing and improving the site with sustainable landscaping and new paint, signage, parking lot asphalt and automated gates. CAA principals Mike Conger and Brian Jenkins represented the firm.
CAA also will assist with the future repositioning and leasing of the asset.
The seller, Almansor Properties L.P., was represented by Mark McEwen, Kurtis Blanchard, and Marc Posthumus of Colliers International. Peter Litton with City National Bank coordinated financing for the project, and Cameron Aldrich and Rob Shaw at Chicago Title assisted with title insurance and escrow services.
“Industrial properties remain one of the most coveted asset classes for investors in this environment, and assets like this one rarely trade hands,” Jenkins said.
More than 35 tenants hold leases at the 99,135-square-foot project, located at 202-208 Greenfield Drive and 1308 Magnolia Ave. The buildings offers under-market rents, providing the new owner with an attractive value-add opportunity, officials said.
Jenkins called the current environment highly competitive for buyers of industrial properties.
“We believe this project is nearly perfectly designed for the demands of the submarket,” Conger said. “This was a rare opportunity to acquire a best-in-class asset below replacement cost.”