LA MESA - San Diego, CA (Nov 24, 2023) – Commercial Asset Advisors is thrilled to announce the sale of a prime property located at 5520 Wellesley St, La Mesa, CA 91942, on November 9, 2023, at a price of $4,500,000 featuring a two-story multi-tenant office building, encompassing 23,185 rentable square feet along with a parking garage. Currently, the project boasts full tenant occupancy, with the cornerstone being the esteemed "credit" tenant, Brightquest Treatment Centers, holding approximately 68% of the space. Complementing this anchor tenant are other high-qualified office professionals, ensuring a reliable and steady cash flow—a prime investment opportunity. Beyond the impressive tenant mix, 5520 Wellesley Street is strategically positioned in the thriving market of the City of La Mesa. Ideally located just minutes away from major freeways such as Interstate 8 and State Route 125, the project facilitates seamless access throughout the greater San Diego area, offering an array of amenities for its tenants. Mike Conger and Gino Kalasho with Commercial Asset Advisors represented the Seller, La Mesa Business Associates Real Estate General Partnership aka LMBA-RE. The Buyer, Satnam Investments, LLC was represented by Tony Morrison with Lantern Bay Realty, Inc. Robert Shaw and Cameron Aldrich with Chicago Title assisted with the transaction. This success can be attributed to the exemplary efforts of our dedicated agents, Mike Conger and Gino Kalasho, who played a pivotal role in representing the seller, La Mesa Business Associates Real Estate General Partnership (LMBA-RE). Amid a challenging economic climate characterized by a sluggish buyer's market, the unwavering dedication and efficient communication exhibited by our team proved to be instrumental in orchestrating a successful marketing campaign and eventual sale.
Gino Kalasho, Senior Vice President at Commercial Asset Advisors, emphasized, "Even with a volatile debt market and slowing real estate market we were able to cast the widest net and procure multiple strong offers for our Seller."
LMBA-RE, a distinguished investment group, enlisted the expertise of CAA to facilitate the process of securing qualified tenants and identifying motivated investors for the acquisition of 5520 Wellesley St. Successfully securing100% occupancy at the property, Gino Kalasho and Mike Conger then leveraged CAA's extensive database and strategic marketing approaches, to execute a successful sale that met the objectives of both parties involved.
The sale of 5520 Wellesley St was not without its challenges, but the wealth of experience possessed by Mike Conger and Gino Kalasho enabled them to navigate these obstacles seamlessly, resulting in the timely closure of the deal.
Commercial Asset Advisors reaffirms its commitment to providing exceptional real estate solutions, even in challenging market conditions. This transaction serves as a testament to our dedication to assisting clients in achieving their investment goals and expanding their real estate portfolios.
Furthermore, CAA has demonstrated its prowess by representing multiple buyers and sellers in various product types throughout San Diego County this year. This showcases the firm's ability to maximize values irrespective of product type, location, or market situation. As we celebrate this success, we look forward to continuing our tradition of excellence in the dynamic and ever-evolving real estate landscape.
For additional information, contact:
Mike Conger, Principal (DRE Lic. # 01381193), at Mike@caacre.com.
Gino Kalasho, Senior Vice President (DRE Lic. #02046687), at Gino@caacre.com
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About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,500 sale and lease transactions totaling over $1.5 billion in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.