San Diego Industrial Building Sells to Boston-Based Real Estate Investment Firm for $15.9 Million – CBRE
23 Jan 2020
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San Diego – CBRE announced that an industrial building in El Cajon, San Diego sold to Cabot Properties, a Boston-based private equity commercial real estate investment firm, for $15.9 million.
Louay Alsadek Hunter Rowe, Darla Longo, Barbara Perrier and Rebecca Perlmutter of CBRE represented the seller, a private local investor, in the transaction. Sean Williams and Erik Parker of CBRE were the leasing professionals on the listing.
Located at 2025 Gillespie Way, the 150,159 square-foot property was originally built in 1999 as part of the master-planned 65-acre Gillespie Field Business Park. The institutional-quality warehouse and distribution building features 27’ clear height, excellent column spacing, abundant car and trailer parking, three grade level doors and 15 dock-high doors that can be expanded to 26. The property was on a ground lease with the County of San Diego and was 73 percent leased to two tenants at the time of sale.
Gillespie Field Business Park, also known as Cuyamaca West, is an industrial and business development which consists of 27 buildings totaling over 735,000 square-feet. The business park is situated on 24 parcels totaling over 65 gross acres, all of which are currently on ground leases owned by the County of San Diego. It is centrally located within two miles of four major San Diego freeways: I-8, SR 52, SR 67 and SR 125 and is adjacent to Gillespie Field, the largest public airport in East County San Diego.
“This asset is ideally suited for the booming e-commerce industry due to its prime distribution location and access to 2.5 million people within 20 miles of the property,” said Alsadek. “The flexibility of the building and its proximity to major freeways made this asset very desirable to the buyer.”
San Diego experienced its strongest year of leasing activity in three years, with tenants leasing more than 15.2 million square-feet in 2019, according to a CBRE research report. Employment growth continues to drive demand for industrial product, as employers in San Diego added 34,300 jobs (+2.3 percent) year-over-year in in the fourth quarter of 2019.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.