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10/01/24
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EQT Exeter has purchased a freestanding, 115.5k sf industrial/warehouse building on 5.7 acres in San Diego’s Otay Mesa submarket for $23.45 mil ($203/sf). The single-tenant property, located at 2345 Britannia Blvd, is 100% leased and serves as the headquarters for Martin Furniture Inc, a leading manufacturer of case goods furniture for Dining, Office, and Entertainment.
QT Exeter is a global real estate investment manager with nearly $30B of equity under management. The seller was Washington Capital Management.
2345 Britannia offers 32’ clear heights, grade- and dock-high loading capabilities, and well-designed ingress/egress. Additionally, the project is closely accessible to freeways I-5, I-805, SR-905, and SR-125, as well as the Brown Field Municipal Airport and Tijuana International Airport.
Cushman & Wakefield’s Bryce Aberg, Jeff Chiate, Jeffrey Cole, Matthew Leupold, and Ryan Demarest of the firm’s National Industrial Advisory Group-West represented the seller in the transaction.
Jeff Chiate, Executive Vice Chair, continued, “This asset boasts a coveted investment profile while its location offers excellent proximity to several freeways and logistical routes, the U.S./Mexico border points of entry, and multiple airports, providing superior regional, national and international access. This accessibility is extremely difficult to replicate, making the property very desirable for occupiers and investors.”
According to Cushman & Wakefield research, the 24 msf Otay Mesa industrial submarket has added roughly 500k sf of occupancy growth since 2023, and 7.7 msf of growth since the start of 2018.
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