September 19, 2016
CBRE Group Inc., completed the sale of Perez Business Park, the largest multi-tenant industrial project in Cathedral City, CA, for $18.36 million. The seller was San Jose-based Goble Properties, while the buyer was an undisclosed family office in a 1031 exchange.
The industrial park has seven buildings, totaling 212,514 square feet, situated on more than 12 acres, and was roughly 96% leased at the time of the sale.
CBRE’s Matt Pourcho, Gary Stache and Anthony Delorenzo represented both buyer and seller.
Pourcho says the asset offers strong market fundamentals, long-term stable cash-flow and limited risk. Still, the “transaction was challenging, due to a required loan assumption and closing extensions so the buyer could facilitate an exchange.”
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