National City Industrial Property Close To Highways Sells For $20M

By Editor, Times of San Diego

August 11, 2023

A National City industrial property has been sold to a Los Angeles-based private buyer for $20.33 million.

The 78,699-square-foot building at 131 West 33rd St. sits on 3.23 acres. The multi-tenant structure, which is 97% occupied, features up to 20-foot clear heights and has 26-grade level doors, three dock wells and three dock-high positions.

The property was initially built in 1969 but has undergone two renovations, most recently in 2019.

The price breaks down to $258 per square foot.

“We continue to witness a trend of strong capital demand from private investors from Los Angeles pursuing opportunities in San Diego,” said Matt Pourcho, executive vice president at CBRE.

Pourcho, Anthony DeLorenzo, Matt Harris and Bryan Johnson of CBRE’s Investment Properties division represented the seller, UniLev, a privately held commercial real estate company, in the transaction.

Mark Shaffer and Gary Stache of CBRE represented the unnamed buyer.

“Multi-tenant industrial investments continue to see strong demand from private investors seeking stable cash flow and long-term asset appreciation,” added Shaffer, a senior vice president at CBRE.

The property, east of Interstate 5 and north of state Route 54, provides access to downtown San Diego, the harbor and naval yards, along with industrial distribution centers in Northern Baja.

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