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7/24/23
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A 13.7k sf industrial property in Santee was purchased by a SoCal-based 1031 exchange buyer in a $3.95 mil ($289/sf) deal. It was sold by Whittier Trust Company.
The building, built in 1982, is located at 9425 Wheatlands Court. It has 11.7k sf of warehouse and storage space with 18' clear heights and six drive-in loading doors. The current tenant signed a triple-net lease for five years.
Located in East San Diego County, the property is east of State Route (SR) 67 and north of SR 52, providing easy access to downtown San Diego and South County. The property is within two miles of restaurants and shopping destinations.
Matt Pourcho, Anthony DeLorenzo, Matt Harris, Bryan Johnson and Nick Williams with CBRE represented the seller in the transaction.
According to CBRE research, East County was the only San Diego area submarket to see vacancies fall for industrial properties during the second quarter of this year. It also accounts for the lowest vacancy rate in the San Diego market at 2.7%.
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