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8/03/23
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A Los Angeles-based private investor paid $20.33 mil for a 78.7k sf ($258/sf) industrial building in National City as part of a 1031 exchange.
The property sits on 2.33 acres at 131 West 33rd St, east of I-5 and north of Hwy 54. Its location provides excellent access to downtown San Diego, seaport harbor, naval yards and industrial distribution centers of Northern Baja, Mexico.
The multi-tenant building, which is 97% occupied, features up to 20' clear height and has 26-grade level doors, three dock wells and three dock-high positions. The property was initially built in 1969 but has undergone two renovations, the most recent in 2019.
Matt Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE's Investment Properties represented the seller, UniLev, a privately held commercial real estate company, in the transaction. Mark Shaffer and Gary Stache, also with CBRE, repped the private buyer.
"Multi-tenant industrial investments continue to see strong demand from private investors seeking stable cash flow and long-term asset appreciation. This particular asset was an excellent fit for our 1031 buyer as there was an attractive assumable loan, and the two largest tenants recently renewed," noted Shaffer.
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