1031 Buyers Drive Most, But Not All, of Deals for West Coast Team

6059 Cornerstone, San Diego, one of DeLorenzo and Stache’s new listings

The West Coast CBRE team that covers the Southern California, Phoenix and Las Vegas region is getting deals done during the pandemic. The team has either closed or is in escrow on 16 deals totaling $194 million and more than 600,000 square feet. Most of these deals opened following stay at home orders in mid-March.

“The majority of interest is coming from 1031-exchange buyers that are looking to avoid tax implications, but not all deals fall into that,” Anthony DeLorenzo, a broker at CBRE, tells GlobeSt.com. “Some are traditional investors that are looking to place capital in safe assets. Most assets we’re selling don’t have a lot of tenants, maybe one, two or three max. With those it’s much easier to get your arms around the credit requirements. Generally speaking, assets with larger credit tenants are preferred.”