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August 12, 2020 Comments Off on Oceanside Single-Tenant Office Building Trades in 1031 Exchange Views: 494 California News, San Diego

Oceanside Single-Tenant Office Building Trades in 1031 Exchange

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A single-tenant office building in Oceanside was acquired by an undisclosed Orange County-based, private 1031 Exchange buyer for $6.65 million, or $493-per-square-foot. Located at 2160 South El Camino Real, the 13,500-square-foot property is 100% leased to the U.S. Federal Government with a new 15-year lease signed in 2018.

The property was built-to-suit in 2004 for the Social Security Administration and was fully remodeled and upgraded in 2018 to current U.S General Services Administration (GSA) standards. The upgrades included a new roof, HVAC system and solar system.

CBRE’s Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson and Matt Harris represented the seller, an unnamed local private investor.

“This is an extremely stable asset, largely due to the United States government guaranteeing the lease through 2032,” said Pourcho. “This facility has recently been improved with over $3.4 million in tenant improvements.”

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