Developer Sells Trio of National City Office Buildings to Private Investor for $3.45M
Private investors have purchased three office buildings in National City, CA
Three office buildings totaling 18,879 sf in National City, CA, have been sold to private investors. Although a price is not reported, the stated cap rate at time of closing is said to be 7.87%. Posted on California News Times on 12/5/2021:
The 30th Street section consists of three office buildings: 124 East 30th St., 148 East 30th St., and 121 East 31st St. The four plots total one acre of land, and 95.8% are currently rented to 14 office tenants.
The building was completely renovated in 2018 and features high-end finishes, new exteriors, roofs, common areas, toilets and drought-resistant landscaping. Two new leases were signed during escrow, increasing income. The cap rate at the time of closing was 7.87%.
According to Ricardo Partida, managing partner of Totah Group, vacancy rates in National City offices remain low at around 2%. That figure, coupled with a similar lack of space in the region and long-term market growth, attracted attention to lots on 30th Avenue.