A 109,400-square foot industrial property located at 1111 Pioneer Way has been acquired by 1111 Pioneer Partners L.L.C. for $6 million, rentv.com reports. Located on a 4.4-acre lot just north of Fletcher Parkway, the warehouse property is currently fully leased to Vision Systems and Toro Co.
Principals of Vision Systems, which leases 25,000 square feet at the property, control the 1111 Pioneer Partners ownership entity. Newmark Grubb Knight Frank arranged the deal on behalf of the seller, Longkin Properties; Inland Pacific Commercial Properties represented the buyer.
On the residential front, Trion Properties bought a 22-unit apartment complex for $2.35 million, Trio plans to upgrade the value-add property, which had not been proactively managed by its former owners. A team from Colliers International arranged the deal.
A plan to increase the property’s value and existing rent rates will be put in place at the El Cajon asset, as company officials are confident that the investment will eventually yield a 7.5 percent cap rate. Colliers International would also be involved with the eventual sale of the property, rentv.com reports.