San Diego

Stream announces sale of 1935 Cordell Court in El Cajon, CA

August 06 < 1

San Diego (July 31, 2019) – Stream Realty Partners (Stream) – a national real estate services, development and investments firm, is pleased to announce the sale of 1935 Cordell Court, a 22,500 square foot flex building located in El Cajon, California. Headquarters to Calbiotech, Inc., a research & development focused subsidiary of TransAsia Bio-Medicals, the property sits atop a ground lease within San Diego County.  Sold for $3,641,057 to an undisclosed buyer, the transaction closed at a 7% cap rate, matching the highest cap rate sale of 2019 for flex properties in the County.

Chris Nelson and Sam Sukut of Stream represented the buyer and Pat Geary of CEG Advisors and James Renner of Inland Pacific Commercial Properties represented the seller in the transaction. 

“This property provided a great opportunity for a 1031 exchange buyer to trade into a single-tenant triple net property with unmatched returns”, states Sukut. “As cap rates continue to compress to the 4’s and low 5’s on fee simple properties, a ground-lease with the county created enough perceived risk to push the cap rate to 7%, even with a strong tenant and nearly 7 years of lease term remaining.”