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Tuesday, Dec 6, 2022
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Poway Industrial Building Sold for $10.5 Million

A local franchisee of California Closets has purchased a Poway industrial building for approximately $10.5 million, according to CoStar Group and public data.

The buyer of the 65,828-square-foot property, at 12250-12254 Iavelli Way, was C93 LLC and is affiliated with Robert J. Wright of San Diego. The property was sold by an affiliate of Gleischman Sumner Co. of Milwaukee.

The buyer was represented Andrew Meyers of McKinney Advisory Group, and the seller was represented by Ted Cuthbert of Colliers International Group Inc.

CoStar reported that the buyer will occupy approximately 36,200 square feet, doing business as California Closets. The buyer is currently leasing space at another site in San Diego and is expected to occupy the new location by September.

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The property was built on approximately four acres in 1991.

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