An El Cajon industrial building has been sold for $15.9 million.
Cabot Properties based in Boston acquired the building at 2025 Gillespie Way from a private investor that was not disclosed.
The 150,159 square-foot structure was built in 1999 as part of the 65-acre Gillespie Field Business Park, also known as Cuyamaca West.
The building has 27 feet clear height, abundant car and trailer parking, three grade level doors and 15 dock-high doors that can be expanded to 26. It was 75 percent leased to two tenants at the time of the sale.
Louay Alsadek, Hunter Rowe, Darla Longo, Barbara Perrier and Rebecca Perlmutter of CBRE represented the seller assisted by Sean Williams and Erik Parker of CBRE. Cabot Properties represented itself.
“This asset is ideally suited for the booming e-commerce industry due to its prime distribution location and access to 2.5 million people within 20 miles of the property,” Alsadek said. “The flexibility of the building and its proximity to major freeways made this asset very desirable to the buyer.”
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904