Cornwell Business Center, a two-building flex industrial property totaling 49,569 square feet in Oceanside, CA was acquired by San Diego-based Oceanside Avenida Del Oro, LLC for $9.2 million. The asset is situated on 5.71 acres of land at 1945 and 1949 Avenida Del Oro, and was built in 2000.
Cornwell 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.
Faris Lee Investments’ Jeff Conover and Scott DeYoung represented the seller, Phoenix-based Oceanside Equities, LLC. The buyer was represented 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.”