Developer Sells Sprawling Industrial Properties in Hot Otay Mesa Market

A big Otay Mesa industrial property has been bought by a improvement firm to Hines, a privately held actual property investor and supervisor.

Cushman & Wakefield suggested Murphy Improvement Firm within the dispositional sale of the 229,680-square-foot industrial portfolio spanning two buildings, generally known as Brown Subject Tech Park I.

The events didn’t disclose the value for the buildings, positioned at 7255 Otay Mesa Street and 1695 Continental St.

Jeff Chiate, Bryce Aberg, Jeff Cole, Mike Adey, and Zach Harman of Cushman & Wakefield’s Nationwide Industrial Advisory Group represented the vendor. Brant Aberg, additionally from the agency, together with Andy Irwin and Joe Anderson of JLL, supplied leasing advising.

“The portfolio is a big block of state-of-the-art Class A industrial product providing robust value-add potential,” mentioned Chiate, govt vice chairman of the corporate.

Bryce Aberg, vice chairman at Cushman & Wakefield, famous that the property, close to the border, provides “superior regional, nationwide and worldwide entry.”

“Such accessibility may be very troublesome to duplicate and vastly elevates the enchantment of this portfolio for tenants and homeowners,” he mentioned.

Brown Subject Tech Park I consists of Constructing A, at 105,457 sq. ft, and Constructing C, at 124,223 sq. ft, located on a mixed 13.5-acre website positioned on state Route 905.

In keeping with Cushman & Wakefield’s first-quarter industrial market report, Otay Mesa recorded 270,500 sq. ft of occupancy development over the interval, including to 4.8 million sq. ft of occupancy development final yr. Direct submarket vacancies fell to three.0% . 

Murphy Improvement Firm develops company industrial, know-how and life science parks in San Diego. In Otay Mesa, the 35-year-old firm has developed greater than 10 million sq. ft of area, attracting quite a few Fortune 500 tenants to the world.