Inland Pacific is pleased to announce the closing of two industrial sales totaling $7.43 Million. The first was the closing of a fully leased investment deal located at 2000-2010 Gillespie Way for $3,700,000 in East County’s premier Gillespie Field Business Park. This building was leased on a long term basis to Taylor Guitars and was sold at a 2020 industrial investment sale East County cap rate record high of 6.34%. Chris Nelson and Sam Sukut represented the buyer in this transaction and Jeremy and Ryan Dentt represented the seller.

The second closing was located at 1690 W Frontage Road in Chula Vista, which sold for a total of $3,735,000. This was a partially leased owner/user investment that was purchased by local business Hardware Solutions and will become their San Diego Headquarters. Chris Nelson and Sam Sukut represented the seller and were able to achieve over a $1.5 million profit from the price the building was purchased at just 4 years prior. Chris Holder and Will Holder assisted in representing the buyer in this transaction.

Nelson said “Both of these deals fell victim to extended escrow due to Coronavirus. In the 2000-10 Gillespie Way deal as a leased investment the buyers choose to extend escrow in order to get a greater understanding of how Coronavirus would effect the tenants business and in the 1690 Frontage Rd sale escrow, the banks freezing of loan funding resulted in a drawn-out ability to close.”