Steel Peak, a commercial real estate investment firm focused on industrial outdoor storage (IOS) properties, has sold a 16,634-square-foot IOS property located on 1.53 acres at 1360 N. Magnolia Ave. in El Cajon to a private investor for $7.4 million. Steel Peak originally acquired the property in April 2023 for $5.4 million.
The company secured a long-term lease for the entire property with Sunstate Equipment Rentals, one of the largest and most creditworthy equipment rental companies in the U.S. The property is a strategic location in the San Diego market for Sunstate.
“This sale highlights the sustained strength of the industrial outdoor storage sector in San Diego, especially in East County, where IOS assets remain extremely scarce, with most suitable sites already occupied and very few trading hands,” said Blake Rodgers, Steel Peak co-founder.
Kurtis Blanchard, Thomas Ladt and Evan McDonald of Colliers represented Steel Peak in the sale. Jacob Castro and Chris Nelson of Matthews represented the buyer.
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