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SAN DIEGO—Private industrial buyers are longer-term holders than buyers with a plan to squeeze value or appreciation in a short amount of time, CBRE's first VP, investment properties, Matt Pourcho tells GlobeSt.com. This is part of the reason their properties are outperforming those of institutional buyers.
Pourcho, along with the firm's Gary Stache, Anthony DeLorenzo and Doug Mack, recently represented the seller, Focus Real Estate LP, in the sale of Southrail Business Park in Chula Vista, CA, to a 1031-exchange buyer, for $18 million. According to Pourcho, “This was a great opportunity to own a business park that has maintained a better-than-average occupancy rate of 94% over the past five years due to the tight submarket fundamentals, quality, access to the 5 freeway, trolley line and its varying unit sizes. The buyer was a private 1031 buyer from Los Angeles, and we continue to see private buyers substantially outperform institutional buyers.”
We spoke with Pourcho about this phenomenon and how private buyers' interests in the industrial market are shifting.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
