Sale Represents Upleg of Buyer’s 1031 Exchange
Oceanside CA— Courtyard Mira Mesa, LLC, an Irvine-based investor, has acquired Rancho Del Oro Commerce Center in Oceanside (San Diego), California for $12.75 million. The multi-tenant industrial project totals 93,160 square feet and consists of four single-story buildings located at 4055, 4059, 4061 and 4065 Oceanside Blvd. The seller was MAJ Investors, LP. The transaction represented the Upleg of the buyer’s 1031 Exchange. Mark Avilla of Cushman & Wakefield’s San Diego office represented the buyer in the sale, with Josh McFadyen of Colliers International representing the seller.
“The buyer was in an exchange after Cushman & Wakefield represented them in selling an office building in Sorrento Valley, and we were able to identify this great off-market opportunity in North County that was a perfect fit for their office and industrial portfolio,” said Mr. Avilla, a Senior Director. “Approximately 92% leased at the time of sale to a diverse tenancy, this is a well located, flexible project that can accommodate most light industrial, office and some retail showroom uses, with the warehouse suites providing excellent clear height and many units featuring added office space.”
Rancho Del Oro Commerce Center is situated on an approximate 6.48 acre parcel, and features great visibility and accessibility from bustling Oceanside Blvd. Additional location highlights include its close walking distance to new retail shops and restaurants, adjacency to the new Sprinter Train Station and business route, and great access to freeways and beaches.
Mr. Avilla is a member of Cushman & Wakefield’s Private Client Investment Advisors team based in San Diego. With more than 80 years of combined experience and a 10 year-history of closing 350 sale transactions totaling more than 10 million square feet and $1.50 billion in sales volume, the team specializes in investment sales under $20 million located in Southern California with an emphasis on leveraging its full service brokerage strength to help maximize asset values. For more visit http://www.cushwakeprivateclient.com/