San Diego, CA – July 7, 2016 – CBRE Investment Properties-SoCal Team (IPSOCAL) announced the sale of a 83,469-square-foot industrial building, which included 27,149 square feet of mezzanine space for $16.3 million. The property is situated on 3.1 acres, located at 2727 Kurtz Street, in San Diego. CBRE’s Gary Stache, Matt Pourcho, Anthony DeLorenzo and Doug Mack represented the seller, RAF Pacifica Group / Stos Partners. The buyer was Realterm Logistics, a vertically integrated owner and manager of high flow-through (HFT) logistics facilities serving the transportation industry. Realterm Logistics was represented by an outside broker.
The property is fully occupied with five years remaining on the lease. The undisclosed tenant has spent more than $1.5 million of their own capital to improve the space. The building was built in 1978 and was recently renovated in 2015.
“There was a tremendous amount of interest in this property given the location of the asset. We received premium pricing, as seen in the 4.71 percent cap rate and value of $195 per-square-foot,” said Gary Stache, executive vice president of CBRE’s Investment Properties - Southern California.
“The IPSOCAL 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,” said Adam Robinson, principal of RAF Pacifica Group / CJ Stos, principal of Stos Partners.
The property is located in the center of the Midway, Pacific Community Plan—a new city development that includes an array of unique districts, connected thorough a system of pedestrian and bicycle boulevards and green streets that link to Mission Bay, the San Diego River and the San Diego Bay. The property is also in proximity to the I-5 freeway, Downtown San Diego and the International San Diego Airport.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
The property is fully occupied with five years remaining on the lease. The undisclosed tenant has spent more than $1.5 million of their own capital to improve the space. The building was built in 1978 and was recently renovated in 2015.
“There was a tremendous amount of interest in this property given the location of the asset. We received premium pricing, as seen in the 4.71 percent cap rate and value of $195 per-square-foot,” said Gary Stache, executive vice president of CBRE’s Investment Properties - Southern California.
“The IPSOCAL 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,” said Adam Robinson, principal of RAF Pacifica Group / CJ Stos, principal of Stos Partners.
The property is located in the center of the Midway, Pacific Community Plan—a new city development that includes an array of unique districts, connected thorough a system of pedestrian and bicycle boulevards and green streets that link to Mission Bay, the San Diego River and the San Diego Bay. The property is also in proximity to the I-5 freeway, Downtown San Diego and the International San Diego Airport.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
