Industrial property is latest sale in closure of related 1031 tax exchange deals valued at more than $59 Million
San Diego CA— Colliers International San Diego Region announces the sale of Cornerstone Centre, a 43,423-sqaure foot industrial property located at 10840 Thornmint Road in San Diego’s 4S Ranch community for $8,800,000. The sale of Cornerstone Centre is the latest deal completed in a series of related 1031 tax-deferred exchange transactions valued at more than $59 million total.
“This purchase is the latest in a strong series of acquisitions by Navarra Properties as part of several 1031 tax-deferred exchange transactions,” said Mark McEwen, Senior Vice President at Colliers International. “As was the case with this 1031 purchase, we will continue seeing more property owners disposing of assets to take advantage of record pricing levels throughout this year. As a result, active and motivated 1031 tax-deferred exchange buyers will continue to be prevalent in the marketplace.”
As part of the exchange, the McEwen Entities purchased a retail and automotive service property located at 1177-1251 N Escondido Boulevard, Escondido, CA valued at $5,800,000 million. The property includes a7-eleven and separate automotive service buildings. The McEwen Entities also purchased a mixed-use property located at 510 N Coast Highway, Oceanside, CA for $5,475,000. The property includes 16 residential units and four fully-occupied retail suites. Colliers International represented all parties in both transactions.
In a related 1031 tax-deferred exchange, Navarra Properties purchased an industrial property located at 16990 Goldentop Road for $18,000,000, solidifying the group’s presence in the rapidly-expanding 4S Ranch community. The private investor also acquired The Bluffs, a 68,708-square foot Class A office property, located at 16870 West Bernardo Drive for $21,400,000. Colliers International also represented the buyer in the acquisition of The Bluffs property.