Steel Peak, an investment firm focused on industrial outdoor storage (IOS) properties, has sold a 12,000-square-foot IOS property located on 2.5 acres at 1324–1336 Magnolia Ave. in El Cajon to C&M Manufacturing, Inc. for $9.5 million. C&M will occupy the property for its operations, including the production and distribution of its products for the oil and gas industry.
Steel Peak originally acquired the property in February 2024 for $6.3 million and transformed a rundown multi-tenant yard. After allowing the existing tenants to remain in place for the first 12 months, the site was repositioned with new paving, fencing, and comprehensive interior and exterior building upgrades.
“This sale highlights the sustained demand for well-located IOS properties in infill Southern California submarkets, especially those that cater to contractors and construction-related uses,” said Blake Rodgers, Steel Peak co-founder. “We executed our value-add plan quickly and were able to exit to a long-term owner-user, validating our investment thesis.”
Cameron Czubernat and Kerry Schimpf of Commercial Property Group represented Steel Peak in the sale. Aidan James of Inland Pacific represented the buyer.
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