Lee & Associates Sells Rare Single-Tenant Building in Vista

Significant vacancy rate decreases last year in Vista resulted in big bumps in sale prices for local area properties.  As an example, favorable market conditions and a rare investment opportunity reportedly generated multiple offers for a “one-of-a-kind” 24,000-square-foot, single-tenant corporate headquarters facility.

Lee & Associates says the firm closed a $3.9-million transaction involving a NNN leased investment, industrial-flex building located at 2410 Birch St. Encompassing nearly 50 percent office space, the facility was built as the corporate headquarters of Enaqua, a solely owned subsidiary of Grundfos Innovation. At the time of the purchase, more than six years remained on Enaqua’s 10-year lease.

The seller, Jhawar REH LLC, was represented by Lee & Associates’ North San Diego County principals Rusty Williams and Chris Roth. The buyer, First Driftwood Trust, represented itself.