Santee Industrial Property Sells for Practically $4M in Robust East County Submarket

A Santee industrial property has been offered for $3.95 million to an Orange County-based agency, a brokerage introduced.

CBRE negotiated the sale of 9425 Wheatlands Court docket, a 13,660-square-foot constructing, at $289 per sq. foot.

The construction, in-built 1982, has 11,696 sq. ft of warehouse and cupboard space with 18-foot clear heights and 6 drive-in loading doorways. The present tenant signed a triple-net lease for 5 years.

In response to CBRE analysis, East County was the one San Diego-area submarket to see vacancies fall for industrial properties in the course of the second quarter of this 12 months. It additionally accounts for the bottom emptiness fee available in the market at 2.7%.

Matt Pourcho, Anthony DeLorenzo, Matt Harris, Bryan Johnson and Nick Williams of CBRE’s Funding Properties represented the vendor, Whittier Belief Firm, within the transaction.

Pourcho, an govt vice chairman at CBRE, stated the consumer obtained “a number of unsolicited gives between $2.5 million and $3.3 million” on the property. In the end, the agency obtained an all-cash provide on the vendor’s asking worth, 20% above the highest unsolicited bid.