With Market’s Strong Appetite for Industrial, CEG Takes Exit Ramp

8733 N. Magnolia Ave. is a 54,282-square-foot incubator suite multi-tenant industrial property located on Santee’s highly trafficked North Magnolia Avenue, with the additional attraction of heavy freeway visibility. The property recently sold for $12.75 million and was fully leased at the time of sale.

The buyer was Kroger Family Properties, which focuses on well-located incubator suite commercial in prime locations. The seller was a subsidiary of CEG Capital Partners, a San Diego-based estate investor and operator.

“After completing our business plan for the property, we were approached off market to sell the property. With the strong appetite for industrial properties right now, it made sense to exit and create

an opportunity to redeploy the capital,” says Pat Geary, managing partner of CEG Capital Partners. “It is an excellent property, and we are pleased to see it end up in the hands of a respected and accomplished operator like the Kroeger Family.”

Chris Nelson of Inland Pacific represented the buyer.

“This was a unique opportunity to source an extremely established buyer a core asset off market through strong brokerage relationships,” says Nelson. “Leveraging existing relationships and being able to provide certainty of close was what ultimately helped free up this extremely rare asset.”