Unilev Capital Spends $13.5 Mil on Industrial Property in National City

Unilev Capital recently closed on the $13.5 mil purchase of a 78.7k sf ($172/sf), multi-tenant industrial property in National City as part of a 1031 exchange. Located at 131 W. 33rd St, the property was originally built in 1969 and was renovated in 2002. 

The single-story building was 96% leased at the time of sale. It features 3.9k sf of office space along with industrial space that is divided into two types of uses: typical warehouse industrial use and industrial storage. 

The building is one half-mile from the connection between I-5 and SR 54, two major freeways that connect National City to the rest of San Diego County. The property is adjacent to the 535-acre Chula Vista Bayfront Development, the largest waterfront development on the West Coast. 

CBRE’s Matt Pourcho, Anthony DeLorenzo, Gary Stache and Erik Parker represented the seller, an undisclosed institutional investor. LA-based Unilev was repped by in-house execs Raymond Levy, Ian Konowitch and Peter Berges. CBRE’s Parker is the leaing agent for the property. 

“As we continue with our efforts to grow and diversify Unilev’s portfolio, our current focus is generally industrial assets in the Western United States, with a primary focus on supply-constrained, infill markets throughout Southern California,” said Levy. “131 W. 33rd Street in National City perfectly fit our target of a strong-performing, multi-tenant industrial asset with low rents in a tight market.” 

Source: Real Estate News Television