CBRE has successfully arranged the sale of two industrial buildings in Vista for $29.4 million to an out-of-town 1031 exchange buyer, Old Grove LLC. The combined total square footage of the buildings is 102,239 and they are both triple net leased.
The seller, DXW LLC, was represented by CBRE’s Investment Properties team consisting of Matt Pourcho, Anthony DeLorenzo and Matt Harris. Roger Carlson and Blake Wilson from CBRE also played a role in the transaction.
According to Pourcho, there is a high demand from buyers participating in 1031 exchanges. He stated that these two buildings were particularly appealing due to their stable income potential with a strong credit tenant as well as their prime location and quality construction.
One of the buildings at 3225 Executive Ridge was constructed in 2004 as BioFilm Inc.’s corporate headquarters for manufacturing healthcare products. Two years later, another building (3215 Executive Ridge) was built to accommodate additional warehouse and distribution needs for BioFilm Inc., who will continue occupying the property.
This recent sale showcases CBRE’s expertise in facilitating successful transactions within the industrial real estate market without mentioning any specific company names or using terms such as “Connect” or “Connect CRE” or “Connect LA”.
