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California  + San Diego  + Industrial  | 
El Cajon Industrial

El Cajon Industrial Buy is One of the Largest in East County History

A 35-tenant industrial property in the El Cajon market recently sold for $17.75 million. PWI Greenfield LP purchased the property with upgrade plans of sustainable landscaping and new paint, signage, lot paving and automated gates.

The acquisition is among the largest multi-tenant industrial sales transactions in East County’s history, according to CoStar. It is also among the largest privately acquired multi-tenant industrial transactions in San Diego County this year.

“Industrial properties remain one of the most coveted asset classes for investors in this environment, and assets like this one rarely trade hands,” says Brian Jenkins, Commercial Asset Advisors (CAA) principal.

The 99,135-square-foot project is comprised of five buildings at 202-208 Greenfield Dr. and 1308 Magnolia Ave. in El Cajon. The building is currently 99 percent occupied with under-market rents, providing an attractive value-add opportunity.

CAA’s Mike Conger and Jenkins represented the buyer in the complex off-market transaction as part of a multi-leg 1031 exchange. CAA will also be assisting with the future repositioning and leasing of the property. The seller, Almansor Properties LP, was represented by Mark McEwen, Kurtis Blanchard and Marc Posthumus of Colliers. Peter Litton with City National Bank coordinated financing for the project, and Cameron Aldrich and Rob Shaw at Chicago Title assisted with title and escrow.

“We believe this project is nearly perfectly designed for the demands of the submarket,” says Conger. “This was a rare opportunity to acquire a best-in-class asset below replacement cost.”

 

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Mike Conger

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition