A pair of private investors were part of a $1.5 million transaction involving a 4,000-square foot Industrial property in Chula Vista, according to brokers.

Nicholas Totah and Ricardo Partida, executives with the Totah Group in Marcus & Millichap’s San Diego Downtown office, represented the seller. The buyer was Rabagoz Real Estate, LLC, out of San Diego, another private investor.

The property, dubbed Broadway Multi-Tenant Industrial and located at 935 Broadway, sits on the site of a small shopping center. It was 100% leased to three tenants at the time of sale.

The property was built in 1991 and sold by the original developer. In addition to the building, the sale included an adjacent parking lot on a separate parcel.

The asset sold for a record-low cap rate of 4.41% for an industrial property in Chula Vista, according to Marcus & Millichap.

Times of San Diego – February 24, 2022