San Diego CA— CBRE announced that an industrial building near downtown San Diego sold to Inline Distributing Company, a construction supply company, for $3.61 million.
Located 3380 Market Street, the 17,784 square-foot property was originally built in 2000 and features a fully-fenced yard and secure lot with full concrete driveways. The freestanding building also features two dock high loading positions and one grade level door.
The property is less than one mile from the I-15 interchange with SR 94, providing quick access to all parts of San Diego County. The building sits two miles east of Downtown San Diego, which features many of the region’s most popular dining and entertainment destinations. The San Diego International Airport is located six miles northwest of the site.
“We toured the property with our client shortly after it was listed and submitted an offer very quickly,” said Sparks. “This was not the target area that the buyer was initially interested in, but due to how tight the overall industrial market is, they jumped on this building given its functionality and proximity to the freeways.”
The surge of positivity surrounding the San Diego industrial market intensified in Q3 2019, according to a CBRE research report. Third quarter leasing activity reached the highest level since the third quarter of 2015, contributing to 546,054 square-feet of net absorption. The San Diego industrial market is on track to post one of its strongest years of leasing activity on record, with year-to-date leasing activity already over 12 million square-feet through three quarters.