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3/29/18
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TA Realty, out of Newport Beach, acquired Empire Centre, a 132.7k sf, two-building, multi-tenant warehouse/distribution facility in San Diego’s Otay Mesa submarket. The property was sold by Kavenish LTD for $13.675 mil. The Class A project was approximately 95% leased at time of sale.
Empire Centre consists of two Class A distribution/warehouse buildings located at 7880 and 7920 Airway Rd. The property encompasses an expansive 8.59 acres along Airway Rd, a desirable location with proximity to multiple freeways, the U.S./Mexico border and multiple points of entry, Brown Field Airport and Rodriguez Field via the new CrossBorder X cross border terminal, that together provide unsurpassed regional, national and international access. The project features functional divisibility with a variety of bay sizes, 24 foot clear height, grade and dock-high loading doors, sprinkler systems, and a concrete truck court.
Bryce Aberg, Jeffrey Cole, Jeff Chiate, Ed Hernandez, Ryan Spradling and Brant Aberg with Cushman & Wakefield represented the seller in the transaction.
“A highly functional multi-tenant industrial park, Empire Centre is recognized among the finest properties of its kind in Otay Mesa, and displays both exceptional quality and an attractive financial profile which are very attractive investment points,” said Aberg, Executive Director. “The project has been meticulously maintained since its construction in 1999 and its distinguished corporate image has greatly contributed to its high historical occupancy and high quality tenant base.”
According to Cushman & Wakefield’s latest market report, Otay Mesa proved to be one of the strongest industrial growth submarkets in all San Diego County in the fourth quarter of 2017. Meanwhile, per the firm’s latest Capital Markets report, San Diego’s industrial investment sector had a standout year in 2017, experiencing 30% growth in sale activity year-over-year, as such product remains in high demand.
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