A big Otay Mesa industrial property has been offered by a growth 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, often known as Brown Area Tech Park I.
The events didn’t disclose the worth for the buildings, situated at 7255 Otay Mesa Highway 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 major block of state-of-the-art Class A industrial product providing sturdy 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, gives “superior regional, nationwide and worldwide entry.”
“Such accessibility could be very troublesome to copy and drastically elevates the enchantment of this portfolio for tenants and house owners,” he mentioned.
Brown Area Tech Park I consists of Constructing A, at 105,457 sq. toes, and Constructing C, at 124,223 sq. toes, located on a mixed 13.5-acre web site situated on state Route 905.
In response to Cushman & Wakefield’s first-quarter industrial market report, Otay Mesa recorded 270,500 sq. toes of occupancy progress over the interval, including to 4.8 million sq. toes of occupancy progress final yr. Direct submarket vacancies fell to three.0% .
Murphy Improvement Firm develops company industrial, expertise and life science parks in San Diego. In Otay Mesa, the 35-year-old firm has developed greater than 10 million sq. toes of area, attracting quite a few Fortune 500 tenants to the realm.