Steel Peak, a commercial real estate investment firm focused on industrial outdoor storage (IOS) properties, acquired a four-building, 12,000-square-foot IOS property located on 2.5 acres in El Cajon for $6.3 million. The firm paid all cash with an institutional equity partner for the property, located at 1324 Magnolia Ave.
This newest acquisition is less than 100 yards from another Steel Peak-owned IOS facility that’s 100% leased to a national tenant. Steel Peak plans to improve the acquired site with new paving, fencing and drainage, as well interior and exterior building improvements that will enhance the operational efficiency of the site.
“We were attracted to the property because of its heavy industrial zoning that has outdoor storage uses permitted by right, along with its close proximity to freeways and multiple points of ingress/egress,” said Blake Rodgers, Steel Peak principal and co-founder. “Steel Peak will continue to seek IOS investment opportunities throughout San Diego and Southern California with capitalized values ranging from $5 million to $50 million. The firm invests directly and in partnership with institutional investors and high net-worth investors. Our goal is to is to become the most active buyer of IOS sites in San Diego this year.”
Cameron Czubernat and Kerry Schimpf with Commercial Properties Group represented the seller, a family trust.
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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).