Magnolia Avenue Industrial Sells in Off-Market Transaction

8733 N. Magnolia Ave. is a 54,282-square-foot incubator suite/multi-tenant industrial property 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 100 percent leased at the time of closing.

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

“After completing our business plan for the property, we were approached off-market to sell the property,” says Pat Geary, managing partner of CEG Capital Partners. “With the strong appetite for industrial properties right now, it made sense to exit and create an opportunity to redeploy the capital. 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.”