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Black Creek Group Buys 600k sf Facility in San Diego

12/08/20

Denver-based Black Creek Group purchased a 601.4k sf, multi-tenant industrial building in San Diego. The fully leased, Class A asset sits on more than 31 acres at 2020 Piper Ranch Rd in the Otay Mesa submarket, offering direct access to the US-Mexico border, one of the world’s busiest land border crossings.

The facility was constructed in 2003 and features concrete tilt-up construction with varied bay sizes that accommodate a wide range of configurations, as well as above-standard loading capabilities with grade and dock-high doors, up to 32’ clear heights, sprinkler systems, and concrete truck courts. Surrounded by several major corporate neighbors, the project is centrally located within an area that services a broad range of tenants both related to cross border business and San Diego companies looking for highly functional industrial space.

The property offers freeway identity and quick access to the newly completed California State Route 905 Fwy, while its proximity to the international border provides immediate access to Tijuana International Airport, the planned Otay Mesa East Port of Entry border crossing, and the new Cross Border Xpress airport terminal, a processing facility with a cross-border bridge that improves domestic and international access. The project also lies within the Foreign Trade Zones and HUB Zone, significantly benefiting local trade operations.

Cushman & Wakefield’s Jeff Cole, Jeff Chiate, Bryce Aberg, Ed Hernandez, Mike Adey, and Zach Harman of the firm’s National Industrial Investment Advisory Group in Southern California represented the unnamed seller in the transaction. The price was not given out. Brant Aberg with Cushman & Wakefield and Bill Dolan and Rob Hixson of CBRE also provided local market leasing expertise.

Aberg commented, “San Diego remains a challenging market to acquire or develop new buildings as the area is essentially built-out and land costs are high, while the lack of available large parcels for new development poses a significant barrier to entry. This asset provided the incredible chance to acquire both a large industrial facility situated on an abundant piece of coastal land.”

According to Cushman & Wakefield’s latest Q3 2020 market report, the 16 msf Otay Mesa industrial market has recorded a staggering 1.4 msf of positive net absorption (occupancy growth) since 2015. Vacancy in the submarket was 6.8% in the third quarter of 2020.






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