Steel Peak Sells El Cajon IOS Property at 50% Premium
Steel Peak, an investment firm specializing in industrial outdoor storage (IOS) properties, has completed the sale of a 12,000-square-foot IOS facility located on 2.5 acres at 1324–1336 Magnolia Avenue in El Cajon, California. The property was sold to C&M Manufacturing, Inc. for $9.5 million.
C&M Manufacturing plans to occupy the site for its operations, which include the production and distribution of products for the oil and gas industry.
Steel Peak originally acquired the asset in February 2024 for $6.3 million. At the time of acquisition, the property was a rundown, multi-tenant yard. Over the following year, Steel Peak allowed the existing tenants to remain while initiating a transformation of the site, including new paving, fencing, and significant interior and exterior building upgrades.
“This sale highlights the sustained demand for well-located IOS properties in infill Southern California submarkets, especially those that cater to contractors and construction-related uses,” said Blake Rodgers, co-founder of Steel Peak. “We executed our value-add plan quickly and were able to exit to a long-term owner-user, validating our investment thesis.”
Cameron Czubernat and Kerry Schimpf of Commercial Property Group represented Steel Peak in the sale. Aidan James of Inland Pacific represented the buyer.
