Flex-Industrial Condo Sells Quickly for $715,000 in Seamless 1031 Seller Exchange, CAA Announces
SAN DIEGO, CA (March 17, 2021) — A 2,907-square-foot flex-industrial condo in Otay Mesa sold for $715,000 on Feb. 10, 2021, Commercial Asset Advisors announced. The deal was notable for how quickly the property sold. Having been listed on Dec. 1, 2020, the property entered escrow on Dec. 9, 2020 – just eight days later.
The seller, the Cianci family, was represented by Commercial Asset Advisors. The buyer was the Hembree family. The property is located at 1568 Lancaster Point Way in San Diego. The transaction was a 1031 exchange, a real estate term for a swap of one investment property for another that allows capital gains taxes to be deferred. The term gets its name from IRS Code Section 1031.
CAA is known for being able to seamlessly manage complex deals such as this one, said CAA Principal Brian Jenkins.
“The CAA team prides itself on providing exceptional service in commercial real estate, and this sale was no exception,” Jenkins said. “Thanks to our aggressive marketing and focus on problem-solving, we were able to enter escrow in record time and successfully closed the deal.”
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 1,400 sale and lease transactions totaling over $500 million in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.