Lee & Associates Negotiates $7.3M Industrial Sale in Escondido CA
The transaction was in the fast lane with a seven-day closing!!
ESCONDIDO, Calif.—February 18, 2015—The Lee & Associates offices of Newport Beach and San Diego joined the firm’s Investment Services Group (ISG) in a collaborative effort to close a $7.3 million sale of an industrial facility in Escondido, CA. Edward Indvik of Lee & Associates ISG, Jim Snyder of Lee Newport Beach, Isaac Little and Marko Dragovic of Lee San Diego North County, represented the seller, Orange County-based Escondido Simpson Investors.
Simpson Business Park, which is located at 1305-1317 Simpson Way is a 55,972-square-foot industrial building with 39 units. The buyer, 15 North LLC, a private investment firm based in San Diego, was represented by Kirk Allison and Vic Gausepohl of Colliers International.
“The transaction closed extremely fast,” said Indvik, noting that Lee & Associates San Diego North County has been providing leasing services on the property for last eight years. “The property generated 16 offers with four of those above asking price. It was seven day due diligence and seven day close.”
With an occupancy rate at 98%, a purchase price below replacement cost, a strong submarket and upside in rents, Indvik said it was the perfect opportunity for the buyer. Current tenants include Fastenal, North America’s largest fastener distributor, and. American Ceramic Technology, a manufacturer of Silflex shielding.
About Lee & Associates
Celebrating more than 36 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with locations across the nation including California, Colorado, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, Ohio, South Carolina, Texas, and Wisconsin. With 800 brokers nationwide, Lee & Associates provides a wide range of specialized commercial real estate services on a local, regional and national level. Additional information can be found at http://www.lee-associates.com. You can also follow us on Facebook, LinkedIn and Twitter.