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2/09/21
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Two newly constructed industrial buildings totaling 20k sf in Santee were purchased for $5 mil by a high net-worth, 1031-exchange buyer based in Los Angeles. We’re told the sale represents a record for San Diego's East County at $250 per square foot, the highest price for industrial properties above 20k sf in the submarket.
The property is located at 8510-8520 Railroad Ave, half a mile from the 52 and 67 freeways and near Santee’s largest retail centers. The building at 8510 Railroad Ave is occupied by the Federal Aviation Administration, Development Contractor Inc and Western Footprint Corporation. The property at 8520 Railroad Ave is occupied by COIT Cleaning and Restoration.
CBRE’s Matt Pourcho, Matt Harris, Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson represented the seller, The Grant Companies. The CBRE team was brought in by the local East County team of James Renner and Chris Nelson with Inland Pacific.
Industrial buildings less than 30k sf in size in East County have historically maintained very low vacancy rates, evidenced by a 10-year average vacancy rate of 2.94% and of 1.47% over the past three years, according to CBRE research. High demand for 20k sf comparable buildings have pushed the vacancy rate for industrial buildings between 15k sf and 25k sf to a mere 0.9%.
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