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SRS Real Estate Partners completes $5.24 million sale of Chula Vista site
The 16,832-square-foot Caliber Collision property sold with a 15-year corporate-guaranteed absolute triple net lease and cleared a 5.5% cap rate.
SRS Real Estate Partners has completed the $5.24-million sale of a newly built Caliber Collision property at 742 Main Street in Chula Vista, according to ConnectCRE.
The asset spans 16,832 square feet and is backed by a 15-year corporate-guaranteed absolute triple net lease.
SRS Capital Markets Senior Managing Principals Matthew Mousavi and Patrick Luther and Vice President Greg Labarre represented the seller, a Southern California-based developer, while the buyer was a family trust from Southern California.
ConnectCRE said the deal drew significant investor interest, selling over the asking price, and that the property achieved a 5.5% cap rate as part of a new development with multiple retail brands that are being marketed separately.