August 9, 2017
A 1031-Exchange buyer now owns the Southrail Business Park in Chula Vista, CA. The undisclosed Los Angeles buyer paid $18 million to seller Focus Real Estate for the 128,160-square-foot, 10-building industrial asset.
“This was a great opportunity to own a business park that has maintained a better-than-average occupancy rate of 94% over the past five years, due to the tight submarket fundamentals, quality, access to the (Interstate) 5 freeway, trolley line and its varying unit sizes”, said CBRE’s Matt Pourcho. Pourcho and CBRE colleagues Gary Stache, Anthony DeLorenzo and Doug Mack represented the Orange County, CA-based seller.
The property is situated on just under eight acres at 648-696 Marsat Court, 645 Marsat Court and 1548-1596 Jayken Way. Occupancy was 98% at closing.
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