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California  + San Diego  + Industrial  | 

Steel Peak Divests Fully Leased IOS Property in El Cajon

Steel Peak, a commercial real estate investment firm focused on industrial outdoor storage (IOS) properties, has sold a 16,634-square-foot IOS property located on 1.53 acres at 1360 N. Magnolia Ave. in El Cajon to a private investor for $7.4 million. Steel Peak originally acquired the property in April 2023 for $5.4 million. 

The company secured a long-term lease for the entire property with Sunstate Equipment Rentals, one of the largest and most creditworthy equipment rental companies in the U.S.  The property is a strategic location in the San Diego market for Sunstate.

“This sale highlights the sustained strength of the industrial outdoor storage sector in San Diego, especially in East County, where IOS assets remain extremely scarce, with most suitable sites already occupied and very few trading hands,” said Blake Rodgers, Steel Peak co-founder.

Kurtis Blanchard, Thomas Ladt and Evan McDonald of Colliers represented Steel Peak in the sale.  Jacob Castro and Chris Nelson of Matthews represented the buyer.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition