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12/16/19
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A 59.8k sf, Class A industrial building in Otay Mesa sold for $8.47 mil ($142/sf). The building is fully occupied by Johnson Otay LLC, dba Johnson Storage & Moving Co, which sold the property to Eastgroup Properties in a sale/leaseback.
Located at 8709 Kerns St, the building was developed in 2002 and sits on 4.6 acres. Key building features include 28-feet clear height, 16 dock doors, two drive-in doors, modern office space, and fenced and gated yard. The property is also located within a Foreign Trade Zone and California Enterprise Zone.
Bryce Aberg, Brant Aberg, Jeffrey Cole and Jeff Chiate with Cushman & Wakefield represented both the buyer and the seller in the off-market transaction. The state of the art distribution/warehouse facility is situated within the Siempre Viva Business Park.
“Positioned just north of the US-Mexico border, Otay Mesa remains a sought after area for industrial occupants and investors,” noted Brant Aberg. “According to our latest statistics, industrial vacancy in Otay Mesa stands at just 4.7%, while this submarket has achieved over 630k sf of occupancy growth year to date, the strongest industrial growth market by a longshot in San Diego so far in 2019.”
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