California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Steel Peak Sells IOS at a Profit Just Months After Acquisition
Steel Peak sold an industrial outdoor storage (IOS) property located at 6975 Camino Maquiladora in San Diego to RojoWood Lumber & Building Supply for $3.8 million. The sale occurs just five months after Steel Peak acquired the property for $2.62 million.
The company has made significant improvements to the property since the acquisition. This was Steel Peak’s first exit from its five-property portfolio of IOS facilities in the San Diego market.
“Selling to an owner-user just months after our acquisition confirms the strong demand for IOS properties in undersupplied markets like San Diego,” said Blake Rodgers, Steel Peak principal. “In just a few short months, we were able to implement our value-add business plan and exit for a strong profit to a company that will be occupying the facility for the long term.”
Rob Hixson and James Hixson of CBRE represented Steel Peak in the sale. Ramin Salehi of CBRE represented the buyer.
- ◦Sale/Acquisition

