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2/09/23
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LaSalle Investment Management has purchased a 601.1k sf, multi-tenant industrial building in San Diego’s Otay Mesa submarket. Situated on over 31 acres at 2020 Piper Ranch Rd, the property has direct access to the US-Mexico border, one of the world’s busiest land border crossings.
The fully leased Class A asset is considered one of San Diego’s largest iconic industrial buildings. It was sold by Ares Management Real Estate fund, who acquired the facility in the fourth quarter of 2020.
2020 Piper Ranch 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.
The property offers freeway identity and quick access to the newly completed California SR 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, Rick Ellison, Mike Adey, and Zach Harman of the firm’s National Industrial Investment Advisory Group in Southern California represented the seller in the transaction. Brant Aberg with Cushman & Wakefield and Bill Dolan and Rob Hixon of CBRE also provided local market leasing expertise. A price was not given out.
“2020 Piper Ranch Road is a 100% leased state-of-the-art distribution/warehouse facility that represents a critical mass of Class A industrial real estate on an abundant coastal site. The property resides in one of the most sought-after industrial submarkets in Southern California,” said Cole. “Based on these factors coupled with the ongoing growth and demand for well located, attractive industrial product in the region, we were once again able to garner competitive interest for this asset from a strong pool of investor types from across the country and at successful pricing, as we did in 2020.”
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