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Deal of the Week - Lease

Leaseback in El Cajon

The lessor in the Deal of the Week was represented by Kipp Gstettenbauer and Kyle Clark, of Cushman & Wakefield.

The lessee was represented by Tim Cowden, of Colliers International.

The deal was a lease by Cal Western Reconveyance of the 25,200-square-foot office building at 525 E. Main St., El Cajon, for 60 months at $1,527,700. The lessor was Stanley Kramer, trustee of the Kramer Family Trust.

Cal Western is a national company servicing foreclosures for lenders in 10 western states.

The one-story building was constructed in 1951 on a 2.15-acre lot.

The property was sold in December 2009 for $3.6 million by the Moss Family Trust, with Gerald R. Moss as the co-trustee. He is also founder of Cal-Western Reconveyance.

At the time of sale, the company had been the building's sole occupant for 14 years.

The acquisition by the Kramer Family Trust was financed by a $2.6 million loan from Pacific Capital Exchange Services Inc., as qualified intermediary for the Moss Family Trust.

The transaction involved a new five-year NNN leaseback with annual CPI increases and two five-year options.

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