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Industrial Properties Garner $9M

CHULA VISTA, CA-The 12-building industrial enclave known at the Collection at Eastlake closes for a little more than $9.2 million. The buildings total 80,224 sf and are located on five acres near the future SR-125.

By Daniel D. Williams | Updated on April 27, 2005

CHULA VISTA, CA-The demand for small, owner-user industrial properties in San Diego County is reaching a boiling point. The most recent properties to sell are 12 industrial buildings known as the Collection at Eastlake. The buildings sold for a total of $9.2 million. The multi-tenant park is located on five acres at Fenton Street and Lane Avenue near the future SR-125 and counts 80,224 sf. Newport Beach-based Master Development Corp. acquired the five acres in 2004 and began development of the site.”The Collection has provided small businesses with the opportunity to purchase their own freestanding building,” says Charles Adolphe, vice president with Burnham Real Estate. Adolphe adds that the property’s location, near the 805 and the future SR-125, make the project attractive to potential owners.The buildings were sold by Eastlake Collection LLC, with buildings ranging from 4,770 sf to 7,698 sf and will be used for various uses including “manufacturing, service, R&D, medical, real estate and professional offices,” according to Adolphe. All of the buildings are on individual parcels that include surface parking.Individual sales include: Richardson Realty Corp LLC paying $508,550 for a 4,770-sf building. Adolphe represented the seller. Scott Henderson and Robert Zolezzi of Grubb & Ellis/BRE represented Richardson Realty. In another transaction, Dr. Nathaniel Liu paid $1.4 million for two buildings that totaled 13,0086 sf. Adolphe represented the seller. Steve Salmons of Commercial Property Services represented the buyer.

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