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12/14/20
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A private investor paid $10 mil for a 42k sf ($238/sf), multi-tenant building in Chula Vista. Located at 1261 Third Ave, the single-story, specialty use property was originally built in 1975 and was renovated in 2019.
The building was fully leased at the time of sale to UEI College, a vocational and trade school, as well as Samsung, and features 219 parking spaces. The site is within two miles of both I-5 and I-805, connecting Chula Vista to the rest of San Diego County.
CBRE’s Matt LoPiccolo and Matt Pourcho represented the seller, Orange County-based real estate investment firm G8 Capital, in the transaction. The buyer was repped by Robert Vallera of Voit Real Estate Services.
“The vocational and trade school sector consistently experiences increases in enrollment during recessionary economic environments, making this asset particularly desirable due to the stability provided by UEI College,” said LoPiccolo.
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