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12/11/15
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An affiliate of Zurich Alternative Asset Management LLC (ZAAM) closed on an industrial acquisition in Otay Mesa, having paid $31.5 mil for Three Piper Ranch, a two-building, 333.6k sf ($94/sf) industrial park. It was sold by a fund managed by BlackRock.
Built in 2007, Three Piper Ranch is located on 19.33 acres 1210 and 1320 Air Wing Rd, east of I-805 and just north of Otay Mesa Rd, adjacent to Brown Field Municipal Airport. The property was fully leased at the time of sale to four tenants: CamelBak, ILG Corporation, Legacy Supply Chain Services, and AEMI.
Louay Alsadek, Darla Longo, Barbara Emmons, Hunter Rowe and Andrew Taylor of CBRE, along with Regan Tully of Cushman & Wakefield, represented the BlackRock managed fund. Zurich represented itself.
“Three Piper Ranch is considered the jewel of the South County industrial market with new construction, best-in-class features and excellent freeway access,” Alsadek noted.
ZAAM runs a national core and core-plus acquisition program out of New York, which targets assets valued between $15 mil and $100 mil throughout 14 major markets in the United States. Joe Russo, associate director of acquisitions and Sean Bannon, managing director and head of U.S. real estate represented ZAAM in the transaction.
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