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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