Former Industrial Site in East County San Diego Sells to Multifamily Developer for $2.3 Million - CBRE
08 Jan 2020
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San Diego – CBRE has announced the sale of the site of a former industrial property and a single family home in El Cajon, San Diego, for $2.28 million to G8 Development, a San Diego-based real estate development firm.
San Diego multifamily experts Erik Anderson and John Newton represented the buyer in the transaction. The seller, a private local investor, was represented by an outside broker in a portion of the deal.
This sale was comprised of two separate transactions of properties located at 1065 and 1067-1069 E. Bradley Avenue, respectively. The nearly one-acre property at 1065 E. Bradley Ave was sold for $675,000 and was previously a single-family residence. The larger site, a nearly two-acre property that was previously an industrial lot, is located at 1067-69 E. Bradley and was sold for $1.6 million. The site is zoned for 15 units per acre.
The property is less than one mile east of SR 67, a freeway that connects El Cajon to the rest of San Diego County. Gillespie Field, a San Diego County-owned airport that is home to flight schools, aircraft storage, as well as fuel, instrument and avionics shops, is within two miles of the site.
“We are very pleased with the outcome of being able to deliver to our client almost three acres of developable multifamily land in a prime suburban enclave of El Cajon,” said Anderson. “G8 will be able to provide much needed workforce housing that will undoubtedly be built to incredibly high construction standards and provide fantastic gentrification to a previously industrial and distressed site.”
The CBRE team also represented the seller in part of the deal.
East County San Diego has been the submarket with the highest rent growth and lowest vacancy in the region this year, according to CBRE research. The area offers an alternative to San Diego’s more expensive central business district hubs, providing workforce housing – a popular multifamily investment segment - in a convenient and accessible location.
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.