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10/03/12
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A 21.4k sf industrial property in San Luis Obispo sold for $3.7 mil ($173/sf). The property is located at 4388 Old Santa Fe Rd, adjacent to McChesney Field airport. The buyer, Corral De Piedra Land Company, a subsidiary of Waste Connections, plans to utilize the property for administrative purposes as well as the servicing and storage of their vehicles.
Situated on 12.5 acres of county land, the industrial property consists of 16.4k sf of light manufacturing buildings and 5k sf of administrative office set on a 3.5-acre parcel. The adjacent nine-acre parcel, previously used as excess storage and a yard, received approval in April 2010 for an additional 30.7k sf of industrial buildings.
Marty Indvik of Lee & Associates Central Coast office represented the seller, Chicago Bridge & Iron Company (CB & I), who is consolidating to other California and Texas locations. According to Indvik, CB & I was looking to sell in order to consolidate operations and the facility fulfilled a need that Waste Connections has had for over five years.
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