Property is anchored by vocational school UEI College
San Diego – CBRE announced that a private investor purchased a specialty use, multi-tenant building in Chula Vista, San Diego for $10 million.
CBRE’s Matt LoPiccolo and Matt Pourcho represented the seller, Orange County, Calif.-based real estate investment firm G8 Capital, in the transaction. The buyer was represented by Robert Vallera of Voit Real Estate Services.
Located at 1261 Third Avenue, the single-story 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.
“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.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
