An 18,879-square foot office portfolio in National City has been sold to a private investor for $3.45 million, according to brokerage officials.
Nicholas Totah, first vice president of the Totah Group in Marcus & Millichap’s downtown San Diego office, and Ryan King with Voit Real Estate Services, represented the seller, NCIP Management, LLC, a subsidiary of Atlas West Group, a local real estate developer.
The buyer, a private investor, was represented by Kevin and Alvin Mansour with the Mansour Group, also in the firm’s downtown office.
The Lot at 30th Street consists of three office buildings, 124 East 30th St., 148 East 30th St. and 121 East 31st St. The four parcels total an acre of land, currently 95.8% leased to 14 office tenants.
The buildings were fully renovated in 2018 and feature high-end finishes, a new exterior facade, roof, common areas, restrooms and drought-tolerant landscaping. Two new leases were signed during escrow resulting in increased income. The cap rate at closing was 7.87%.
According to Ricardo Partida, managing partner with the Totah Group, office vacancies in National City remain low, around 2%. That figure, combined with a lack of similar space in the area and long-term market growth, drew interest to the Lot at 30th Street.
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services,