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6/16/17
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Cornwell Business Center, a two-building, 49.6k sf flex industrial property in Oceanside, traded for $9.2 mil, or $185/sf. Built in 2000, the property is situated on 5.71 acres of land at 1945 and 1949 Avenida Del Oro.
Cornwell Business Center consists of two, single-story buildings and includes 165 parking stalls. The asset is 95% occupied by eight tenants, the largest being State of California, which occupies 50% of the property.
It is located in the master-planned community of Rancho Del Oro and is surrounded by Rancho Del Oro Business Park, a 5.5 msf industrial and office park, Plaza Rancho Del Oro shopping center, and Rancho Del Oro Gateway shopping center. It is also near the 5 Fwy and Highways 76 and 78.
Jeff Conover and Scott DeYoung with Faris Lee Investments represented the seller, Phoenix-based Oceanside Equities LLC. The buyer, San Diego-based Oceanside Avenida Del Oro LLC, was repped by Marcus & Millichap.
“This property is located in a dense, in-fill area with opportunity to add value by bringing rents to market rates as they expire,” said Conover. “We received significant investor interest in this asset and identified a local 1031 exchange buyer as the best offer.”
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