Exchange Investor Buys Oceanside Industrial Asset

sd_Cornwell-Oceanside-IndustrialCornwell Business Center consists of two, single-story buildings and includes 165 parking stalls. The asset is 95% occupied by eight tenants, the largest being State of California, which occupies 50% of the property.
It is located in the master-planned community of Rancho Del Oro and is surrounded by Rancho Del Oro Business Park, a 5.5 msf industrial and office park, Plaza Rancho Del Oro shopping center, and Rancho Del Oro Gateway shopping center. It is also near the 5 Fwy and Highways 76 and 78.
Jeff Conover and Scott DeYoung with Faris Lee Investments represented the seller, Phoenix-based Oceanside Equities LLC. The buyer, San Diego-based Oceanside Avenida Del Oro LLC, was repped by Marcus & Millichap.
“This property is located in a dense, in-fill area with opportunity to add value by bringing rents to market rates as they expire,” said Conover. “We received significant investor interest in this asset and identified a local 1031 exchange buyer as the best offer.”


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