A Santee industrial property has been sold for $3.95 million to an Orange County-based firm, a brokerage announced.
CBRE negotiated the sale of 9425 Wheatlands Court, a 13,660-square-foot building, at $289 per square foot.
The structure, built in 1982, has 11,696 square feet of warehouse and storage space with 18-foot clear heights and six drive-in loading doors. The current tenant signed a triple-net lease for five years.
According to CBRE research, East County was the only San Diego-area 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 market at 2.7%.
Matt Pourcho, Anthony DeLorenzo, Matt Harris, Bryan Johnson and Nick Williams of CBRE’s Investment Properties represented the seller, Whittier Trust Company, in the transaction.
Pourcho, an executive vice president at CBRE, said the client received “several unsolicited offers between $2.5 million and $3.3 million” on the property. Ultimately, the firm received an all-cash offer at the seller’s asking price, 20% above the top unsolicited bid.
