8733 N. Magnolia St.
Photo courtesy of Inland Pacific

8733 N. Magnolia St. Photo courtesy of Inland Pacific

 A Santee industrial building has been sold for nearly $12.8 million.
Kroger Family Properties bought the 54,282 square-foot building at 8733 N. Magnolia Ave. from a subsidiary of CEG Capital Partners in an off-market sale.
Chris Nelson of Inland Pacific represented Kroger Family Properties. The seller represented itself.
The property was fully leased at the time of sale.
“After completing our business plan for the property, we were approached off-market to sell the property, With the strong appetite for industrial properties right now, it made sense to exit and create an opportunity to redeploy the capital,” said Pat Geary, managing partner of CEG Capital Partners. “It is an excellent property and we are pleased to see I end up in the hands of a respected and accomplished operator like the Kroger Family.”

Ricky Giancola of Pacific Southwest Services arranged a $7 million acquisition loan for the buyer.