The Palm Group, LP purchased 2340 Meyers Ave. in Escondido
Los Angeles-based The Palm Group, LP recently purchased the 13,768-square-foot single-tenant industrial building located at 2340 Meyers Ave. in Escondido for $2.17 million.
The buyer and seller, Escondidobased HMT Properties, LLC, were represented by Mark Hoekstra, managing director at The Heritage Group. The property was purchased by The Palm Group, LP through a 1033 exchange out of Florida.
The Meyers Avenue property is headquarters to HMT Electric, HMT Solar and HMT North. HMT is one of San Diego’s leading commercial electrical and solar contractors.
“This location is key to HMT due to its easy access to both the 78 and 15 freeways,” Hoekstra said. “It is located in the desirable North County industrial submarket, which is also home to other electrical companies, such as Bergelectric and Baker Electric.”
As a part of this transaction, the HMT companies have entered into a new seven-year lease agreement with The Palm Group and plan to remain in occupancy for many years.