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1/27/20
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Cabot Properties, a Boston-based private equity commercial real estate investment firm, purchased a 150.2k sf industrial building in El Cajon for $15.9 mil, or $106/sf. Located at 2025 Gillespie Way, the property was originally built in 1999 as part of the master-planned 65-acre Gillespie Field Business Park.
The institutional-quality warehouse and distribution building features 27’ clear height, excellent column spacing, abundant car and trailer parking, three grade level doors and 15 dock-high doors that can be expanded to 26. The property was on a ground lease with the County of San Diego and was 73% leased to two tenants at the time of sale.
Gillespie Field Business Park, also known as Cuyamaca West, is an industrial and business development which consists of 27 buildings totaling over 735k sf. The business park is situated on 24 parcels totaling over 65 gross acres, all of which are currently on ground leases owned by the County of San Diego. It is centrally located within two miles of four major San Diego freeways: I-8, SR 52, SR 67 and SR 125 and is adjacent to Gillespie Field, the largest public airport in East County San Diego.
Louay Alsadek Hunter Rowe, Darla Longo, Barbara Perrier and Rebecca Perlmutter with CBRE represented the seller, a private local investor, in the transaction. Sean Williams and Erik Parker of CBRE were the leasing professionals on the listing.
“This asset is ideally suited for the booming e-commerce industry due to its prime distribution location and access to 2.5 million people within 20 miles of the property,” said Alsadek. “The flexibility of the building and its proximity to major freeways made this asset very desirable to the buyer.”
San Diego experienced its strongest year of leasing activity in three years, with tenants leasing more than 15.2 msf in 2019, according to a CBRE research report. Employment growth continues to drive demand for industrial product, as employers in San Diego added 34,300 jobs (+2.3%) year-over-year in in the fourth quarter of 2019.
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