Just Sold! El Cajon Industrial Property Sells for Full List Price!
November 9, 2021
Just Leased! 3,303 SF Medical Office in San Diego, CA
February 16, 2022
“Luck Is What Happens When Preparation Meets Opportunity” – Seneca
This is definitely the biggest accomplishment in my professional career so far. I first listed this property a year and a half ago when the pandemic was at its peak. Over half of the tenants in the center had stopped paying rent and the future looked bleak.
Picture this, I am wearing a suit and tie in 102 degree Temecula weather, and I get to go to 5 hours of back-to-back meetings with tenants whose businesses were forced to close as a result of the government shutdown. Some were reasonable, others cried, many of them made threats, ultimately we had 5 tenants (~40% of the center) turn in the keys and shut down for good.
Now I was tasked with filling these vacancies in a time when no one was looking to lease retail space. Through sheer tenacity (and some luck) I was able to convince the top-rated restaurant in the area to relocate and sign a 5-year commitment for the largest space in the center. Then, like a unicorn emerging from the forest, a large medical group reached out to me and ended up leasing 3 of the 4 remaining vacancies at the asking rate.
The center was now in prime condition and ready to go to market. In a final stroke of good luck on literally the first prospecting call I made, I connected with a buyer who was in the tail end of a 1031 exchange and submitted a full price offer.
As of yesterday afternoon, we closed at $8,500,000, the largest deal and individual fee of my career thus far.
