HOUSTON-A 1031 exchange buyer from San Diego has entered the market with the acquisition of Wilcrest Business Park, a three-building office/warehouse portfolio totaling 20,750 sf. The property sold in an off-market transaction for roughly $1 million.

Mission Grove Properties purchased the 1980s-vintage portfolio from local seller of record, 9900 Wilcrest LP. “The seller was ready to take advantage of the market since they had owned the buildings for a few years,” says Ross Cannizaro, an investment broker with Marcus & Millichap Real Estate Investment Brokerage Co. He represented the seller of the West Wilcrest Drive buildings. while John Erthein in Marcus & Millichap’s San Diego office represented Mission Grove Properties.

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