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10/14/14
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A two-story, 33.7k sf office/industrial building in San Diego recently sold for $5 mil ($148/sf). The property was sold by Providence II Centerpointe LLC in an off-market deal.
Built in 1985 and situated on 1.67 acres, the property is located at 7740 Kenamar Court, within Centerpointe Court, a four-building project totaling 152.5k sf of space. Centrepoint Court is situated in the central San Diego submarket of Miramar, just two miles east of I-805 and three miles west of I-15.
The building, which is made up of equal parts of office and industrial space, is 100% leased to a single tenant, California Comfort Systems, USA Inc. The company is a mechanical and plumbing contractor whose specialties include mechanical, refrigeration, electrical, plumbing, temperature controls, maintenance, retrofits, repairs and design-build construction services.
Avison Young Principals Dan Vittone and Alan Pekarcik, based in the company’s Irvine office, represented the seller in the transaction. The buyer, Ingold Family Investments LLC, was represented by Lee & Associates. The property sold at an approximate 5.8% capitalization rate.
“This net-leased asset was a suitable replacement property for the buyer’s 1031 Exchange,” comments Vittone. “The investment provides stable cash flow with the ability to increase yield as the market and, more importantly, rents continue to recover.”
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