Casey Brown Co. Buys 2 San Diego Office Properties

The assets total nearly 55,000 square feet and traded for $14.5 million.
4275 and 4283 El Cajon Blvd. Image courtesy of Voit Real Estate Services

San Diego State University Research Foundation has sold a two-building office portfolio totaling 54,688 square feet in San Diego. Casey Brown Cos. picked up the assets for $14.5 million. The off-market, sale leaseback transaction included an adjacent four-story parking structure with 149 spaces. Voit Real Estate Services assisted both parties in the deal.

Located at 4275 and 4283 El Cajon Blvd., the two buildings were completed in 1948 and 1950, respectively. The seller signed a five-year lease for the property. Terms of the contract include a five-year lease extension option. The site is proximate to Interstate 15, 6 miles from downtown San Diego and 8 miles from San Diego International Airport.

The Voit Real Estate Services team included Senior Vice Presidents Ryan King and Kipp Gstettenbauer. Last November, a different Voit team partnered with Cushman & Wakefield to negotiate the $2 million disposition of an 8,772-square-foot industrial property in San Diego. The brokerage represented CBT Systems in the sale to ZTelco.