Flex Building in Poway on Stowe Drive sells

Published: Monday, January 5, 2015

SDDT.com

http://www.sddt.com/RealEstate/article.cfm?SourceCode=20150105tdb&_t=Flex+building+in+Poway+on+Stowe+Drive+sells#.VK1VhJ3Tl-Y

 

The two-story, 26,548-square-foot, light industrial flex and office building at 13880 Stowe Drive in Poway has been sold for $3.35 million, or $126 per-square-foot.

The buyers were Robert Price Burke, trustee of the Robert Price Burke GST Exemption Trust (56 percent), and Robert P. Burke and Elizabeth S. Burke, trustees of the Robert P. Burke and Elizabeth S. Burke Intervivos Trust (44 percent), 250 22nd St., Del Mar 92014.

The sellers of the property (assessor's parcel 323-481-14) were Buono J. and Carol A. Ghianni. The sellers took back a trust deed for $1.3 million.

VinceProvenzano, President of Brokerage Services, and Shirley Kanamu, of Pacific Coast Commercial, represented the sellers. The buyers were represented by Mike Erwin and Tucker Hohenstein, of Colliers International. The title was supplied by Vincent Provenzano Jr. and escrow by Samantha Maestra, both with Fidelity National Title Company.

The investment property was fully leased at the time of sale to General Atomic Systems and Mendtronix.

 

The two-story, 26,548-square-foot, light industrial flex and office building at 13880 Stowe Drive in Poway has been sold for $3.35 million, or $126 per-square-foot.

“This property was a true triple net leased investment with an attractive cap rate return greater than 6 percent,” said Provenzano.

In early 2011, Project Doctor leased 21,100 square feet in the building for 60 months at $1.2 million.

The building is one of four in the Stowe Technology Center at 13820-13880 Stowe Drive. In late 1998, the building at 13880 was sold for $1,170,250. At that time, the building was under a 26-year leasehold to Delta Custom Box and Die Cutting Co.