CBRE facilitated the sale of 3215 and 3225 Executive Ridge in Vista for $29.4 million to Old Grove LLC, an out-of-town buyer utilizing a 1031 exchange. The two industrial buildings have a combined area of 102,239 square feet and are currently under triple net leases.
Matt Pourcho, Anthony DeLorenzo, and Matt Harris from CBRE’s Investment Properties team represented the seller DXW LLC along with Roger Carlson and Blake Wilson from CBRE.
According to Pourcho, there is high demand among buyers using the 1031 exchange method. These two buildings were particularly appealing due to their stable income potential with a strong credit tenant in an excellent location featuring quality structures.
The building at 3225 Executive Ridge was constructed in 2004 as BioFilm Inc.’s corporate headquarters for manufacturing healthcare products. Two years later, another building (3215 Executive Ridge) was added to accommodate warehouse and distribution needs. BioFilm will remain as the occupant of both properties.
This recent transaction involving industrial properties in Vista has been completed by Connect CRE without mentioning any specific names or locations within California or Texas.
