Tom Olson Douglas Wilson Companies Two quarries, located in El Cajon and Lakeside 86.57 acres Total consideration: $12.3 million
About the property: The C.W. McGrath family has sold two San Diego County quarries for $12.3 million. In addition to the land, the sale included all operating equipment, including rolling stock and processing plants. The McGrath family had owned and operated the quarries since the 1940s. The buyer was JIB Silverhawk, an entity closely related to Escondido-based Superior Ready Mix.
The larger quarry was a "grandfathered" (no conditional use permit required) 64.75-acre granite pit located on Jamacha Road in El Cajon and owned by McGrath Jamacha Road LLC. The property will continue to be mined for crushed rock, rip rap, aggregate base and manufactured sand. Extensive operating equipment, including rolling stock and processing plants, were included in the sale.
The smaller quarry was a "grandfathered" 21.82-acre sand mine located on Willow Road in Lakeside and owned by McGrath Willow. The property will be mined for sand products. The buyer plans to operate the quarries immediately, utilizing the materials from the mines in its concrete business and selling other aggregate products. The sale of the quarries comes at a time when there is strong demand for aggregate products and local production is steadily decreasing.
Closing the deal: The McGrath entities were exclusively represented by Tom Olson of the Douglas Wilson Companies. Olson stated that the quarries had a number of components that required extensive knowledge of this specialty asset class — real estate, mineral reserves, heavy equipment — and that DWC's brokerage platform was uniquely qualified to handle these transactions. JIB Silverhawk represented itself. Title and escrow was provided by Chicago Title.