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April 15, 2024
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El Cajon Industrial Building Goes for $6 Mil


A 23.2k sf industrial building in El Cajon traded for $6 mil in a recent off-market sale. The building is located at 635-675 Front St, between I-8 and El Cajon Blvd at Washington Ave.

The multi-tenant building is 100% NNN-leased. Each of the five suites is, on average, 4.6k sf. Originally built in 1974, recent upgrades in 2021 improved the parking lot, building exterior, roof and individual suites.

The property sits on 1.08 acres and is accessible only by Front St. The building is two miles from major retail businesses and Parkway Plaza, with stores, restaurants and banks.

The buyer was Samnani Holdings LLC. Matt Pourcho, Matt Harris, Anthony DeLorenzo and Bryan Johnson of CBRE's Private Capital Partners represented the Seller, Chris Nelson, with Wavy Properties LLC and Royal Estate Development LLC, in the transaction. The deal closed with a 4.9% in-place cap rate.

"This was a great example of how out of town 1031 capital can continue to perform strongly within San Diego County," said CBRE's Pourcho. "While the property offered negative leverage, there was a nice mark-to-market opportunity for the buyer. Non-local 1031 capital remains strong despite local concerns on sale pricing, hence the 4.9% cap rate."

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