Lee & Associates – North San Diego County Negotiates $12.93M In Value for Subsequent Sales
ESCONDIDO, Calif.—August 11, 2014—The North San Diego County office of Lee & Associates, one of the largest national commercial real estate providers with regional expertise, has closed back-to-back investment transactions with a partial double escrow sale for the two adjacent industrial/R&D buildings located at 950 & 955 Borra Place, Escondido.
Meridian Properties originally purchased the two properties totaling 61,000 square feet from the Seller 950 & 955 Borra Place, LLC for a combined total consideration of $7.831 million. At the time of sale, the properties were leased out to two separate tenants with long term leases in place and the buyer planned to hold both properties for investment. The seller was represented by Greg Pieratt of Lee & Associates North San Diego County and the Buyer represented themselves in the original transaction.
During escrow, Meridian Properties completed a double escrow sale of the 34,000 square foot industrial/R&D property located at 955 Borra Place to a third party buyer Gunter Family Trust for a total consideration of $5.100 million. Isaac Little and Marko Dragovic, also of Lee & Associates North San Diego County, represented the Gunter Family Trust in the transaction and Meridian properties represented themselves.
“We juggled multiple buyers and converted a two property sale package into a pair of concurrent closings,” Pieratt said. “The sellers, who previously occupied the properties with their precision machining company, sold their business several years ago and were excited to take the next step in selling their buildings. The sellers believed the timing for the sale was optimal in the current state of the investment sales cycle."
About Lee & Associates
Celebrating more than 35 years of leadership excellence in commercial real estate, Lee & Associates is the largest broker-owned firm in the country with 49 locations across the nation including California, Arizona, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Maryland, Michigan, Missouri, Nevada, New Jersey, New York, South Carolina, Texas, and Wisconsin. With more than 750 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 on our website and you can also follow us on Facebook, LinkedIn and Twitter.