June 12, 2017 Comments Off on Oceanside Flex Industrial Asset Goes for $9.2M Views: 432 California News, San Diego

Oceanside Flex Industrial Asset Goes for $9.2M

Connect Industrial is heading to Chicago, June 28th. Here’s where to get more details and register.

Cornwell Business Center, a two-building flex industrial property totaling 49,569 square feet in Oceanside, CA was acquired by San Diego-based Oceanside Avenida Del Oro, LLC for $9.2 million. The asset is situated on 5.71 acres of land at 1945 and 1949 Avenida Del Oro, and was built in 2000.

Cornwell Business Center consists of two single-story buildings, and includes 165 parking stalls. The asset is 95% occupied by eight tenants, the largest being State of California, which occupies 50% of the property.

Faris Lee Investments’ Jeff Conover and Scott DeYoung represented the seller, Phoenix-based Oceanside Equities, LLC. The buyer was represented by Marcus & Millichap.

“This property is located in a dense, in-fill area with opportunity to add value by bringing rents to market rates as they expire,” said Conover. “We received significant investor interest in this asset, and identified a local 1031 exchange buyer as the best offer.”

Connect With Faris Lee’s Conover


Subscribe to Connect Daily California

For comments, questions or concerns, please contact Dennis Kaiser

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: ,

Comments are closed.