JUST SOLD: SAN DIEGO INDUSTRIAL PROPERTY TRADES FOR 4.71% CAP RATE / $195 PSF
CBRE’s Investment Properties-SOCAL team is pleased to announce the sale of 2727 Kurtz Street, an 83,469 SF industrial building including 27,149 SF of mezzanine on 3.1 acres in San Diego, California. The property was 100% leased to Fortune 100 tenant with 5 years of remaining lease term at the time of sale and traded for $16,300,000 or a 4.71% year 1 cap rate. This equated to a value of $195 PSF. Gary Stache, Anthony DeLorenzo, Matt Pourcho and Doug Mack of CBRE represented the seller, RAF Pacifica Group / Stos Partners. The buyer was a Realterm NAT.
SELLER QUOTE:
“We are extremely pleased with the outcome of the sale of our property at 2727 Kurtz Street. The Investment Properties-So Cal team was able to generate tremendous activity for the property and ultimately found a buyer who paid premium price and went non-refundable and closed within 30 days. CBRE was able to articulate the unique story of the asset which ultimately ended in a superior outcome allowing us to bring our investment full circle. Thank you once again for exceeding our expectations and delivering outstanding results.” – Adam Robinson – RAF Pacifica Group / CJ Stos – Stos Partners
SPECIFICS OF THE TRANSACTION ARE AS FOLLOWS:
- Offering Memorandums Downloaded: 347
- Cap Rate: 4.71%
- Price PSF: $195 PSF
Article source: CBRE