2020 Piper Ranch Street. Picture courtesy of Cushman & Wakefield
LaSalle Funding Administration has bought a 601,103-square-foot multi-tenant industrial constructing in San Diego’s Otay Mesa submarket. Cushman & Wakefield suggested the vendor, an Ares Administration Actual Property fund.
The Class A constructing is on 31 acres at 2020 Piper Ranch Street. It was accomplished in 2003 and is absolutely leased.
The transaction’s greenback worth was not disclosed. The property had been bought by Ares in November 2020 for $109 million, in line with data offered to Business Property Government by CommercialEdge. Cushman & Wakefield additionally negotiated that sale.
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2020 Piper Ranch options concrete tilt-up building with various bay sizes that accommodate a variety of configurations, in addition to above-standard loading capabilities with grade and dock-high doorways, as much as 32-foot clear heights, ESFR sprinkler programs and concrete truck courts.
The property presents freeway id and fast entry to the newly accomplished California State Route 905 freeway, and its proximity to the U.S.-Mexico border offers handy entry to Tijuana Worldwide Airport, the deliberate Otay Mesa East Port of Entry border crossing, and the brand new Cross Border Xpress airport terminal, a processing facility with a cross-border bridge that improves home and worldwide entry.
The mission additionally lies throughout the International Commerce Zones and HUB Zone, considerably benefiting native commerce operations.
Government Vice Chairman Jeff Cole, Vice Chairman Bryce Aberg, Government Vice Chairman Jeff Chiate, Government Vice Chairman Rick Ellison, in addition to Associates Mike Adey and Zach Harman of Cushman & Wakefield’s Nationwide Industrial Funding Advisory Group in Southern California represented the vendor within the transaction. Cushman & Wakefield’s Vice Chairman Brant Aberg and Senior Vice Presidents Invoice Dolan and Rob Hixon of CBRE additionally offered native market leasing experience.
Energetic on the border
Citing Cushman & Wakefield analysis, Bryce Aberg described the 22 million-square-foot Otay Mesa industrial submarket as “a market chief in San Diego,” with virtually 1.6 million sq. toes of constructive web absorption in 2022. He added that emptiness within the submarket was simply 3.8 % as of the fourth quarter.
Solely days in the past, Elevation Land Co. introduced plans to develop Otay Enterprise Park, a 1.8 million-square-foot industrial campus in San Diego, in partnership with a fund suggested by Crow Holdings Capital.
