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12/05/25
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A private investor paid $7.4 mil for a 16.6k sf industrial outdoor storage property in El Cajon. The asset, situated on 1.53 acres at 1360 North Magnolia Ave, was sold by Steel Peak.
Steel Peak originally acquired the property in April 2023 for $5.4 mil. The company secured a long-term lease for the entire property with Sunstate Equipment Rentals, one of the largest and most creditworthy equipment rental companies in the United States. This property is a strategic location in the San Diego market for Sunstate, as they plan to occupy the site for the long term.
Ideally located minutes from Highway 67, 1360 North Magnolia Ave includes a paved and secured yard. The property is Zoned M-54, one of the heaviest industrial zones in San Diego County, allowing outdoor storage and heavy industrial uses by right. The property features 600-amp power, three grade-level doors, new wash bay and fenced yard.
Kurtis Blanchard, Thomas Ladt and Evan McDonald of Colliers represented Steel Peak in the sale. Jacob Castro and Chris Nelson of Matthews repped the buyer.
According to Blake Rodgers, Steel Peak Co-Founder, proceeds from the sale will be redeployed into Steel Peak’s growing pipeline of new IOS acquisition opportunities across the Western United States. The company will continue to seek IOS investment opportunities throughout the Western U.S. with capitalized values ranging from $3 mil to $50 mil. The firm invests directly and in partnership with institutional and high net-worth investors.
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