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San Diego Industrial Building Nets $3M

SAN DIEGO-Buyer ZM Properties LLC shells out $3.1 million for the 47,000-sf industrial asset that is located at 3055 Del Sol. The new owner plans to hold the facility as an investment.

By Erin Cassin | Updated on October 13, 2004

SAN DIEGO-A local industrial property occupied by Lambda Electronics has traded hands for $3.1 million, with a local investor snapping up the asset from seller Rankine van Anda Trust.The buyer, ZM Properties LLC, is headed up by local real estate investor Richard Maudsley, according to Charles Adolphe of Burnham Real Estate Oncor International, who brokered the transaction. The new owner plans to hold the facility as an investment. Located at 3055 Del Sol, the industrial asset encompasses a total of 47,000 sf. It is a corporate-image, R&D facility that was constructed in 1984, Adolphe tells GlobeSt.com. Amenities here include a parking ratio of 3.2:1,000 sf; 22-foot clear height; four grade-level truck doors; 2,500 amps; fire sprinklers; and skylights. Lambda Electronics is the sole tenant in the building, according to Adolphe. Lambda, which had been occupying 100% of the facility, will be reducing their size to 62% at the end of this year, Adolphe tells GlobeSt.com. Seller Rankine van Anda Trust was motivated to divest of the asset because it wants “to exchange into other properties,” Adolphe says. He, along with Burnham colleague Barry Mahlberg, acted on behalf of the seller. Tim Kerrigan of CB Richard Ellis represented the buyer.

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