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SOUTHERN CALIFORNIA NEWS
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Second Half of 432k sf San Diego Industrial Portfolio Sale Completed

10/13/23

The disposition of the 432k sf Brown Field Tech Park I and II industrial portfolio in San Diego’s Otay Mesa submarket has wrapped up. The portfolio was sold by Murphy Development Company. The sales price(s) were undisclosed.

The four-building portfolio was acquired in two separate transactions by one of the largest privately held real estate investors and managers in the world over the course of a year, with closings in October 2023 and June 2022. While the buyer in this latest transaction was not immediately disclosed, we can tell you that it was Hines that purchased the 230k sf, two-building Brown Field Tech Park I in June of 2022, so you can draw your own conclusion as to the buyer this time.

In the recent, October 2023 sale, the buyer acquired Brown Field Tech Park II, a newly constructed two-building Class A industrial asset totaling 203.2k sf as a forward sale and is currently implementing a lease up strategy for the pair of vacant buildings. Located at 7498 Colchester Ct and 7222 Airway Rd, the project consists of a 102.1k sf building and a 101.1k sf building situated on a combined 13.8 acres.

In the June 2022 sale, as mentioned, the buyer acquired Brown Field Tech Park I, a two-building Class A industrial asset totaling 229.7k sf located at 7255 Otay Mesa Rd and 1695 Continental St. The project consists of a 105.5k sf building and a 124.2k sf building situated on a combined 14.14 acres. Cushman & Wakefield previously announced the sale closing late last year. Brown Field Tech Park I is now currently fully leased.

Jeff Chiate, Bryce Aberg, Jeff Cole, Mike Adey, and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group in Southern California represented the seller in both transactions. The firm’s Brant Aberg, SIOR, along with Andy Irwin and Joe Anderson of JLL provided leasing advisory in the sales. Brant Aberg was also retained by the buyer to handle the leasing assignment for Brown Field Tech Park I and II.

“The portfolio is a significant block of state-of-the-art Class A industrial product in a robust Otay Mesa submarket, and offered a coveted investment profile,” said Chiate. “The project’s location has 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.”

Aberg added, “According to Cushman & Wakefield’s market research, the 22 msf Otay Mesa industrial submarket recorded nearly 1.6 msf of positive annual net absorption (occupancy growth) in the most recent calendar year of 2022 and has tallied a soaring 7.8 msf since the start of 2018. Vacancy in the submarket was only 2.6% as of Q2 2023.”

Brown Field Tech Park I and II are strategically located on the SR-905 at the Britannia Blvd diamond interchange with proximity to the I-5/I-805/SR-125 interchange. The buildings feature modern, functionally divisible spaces with a variety of bay sizes, 32’ clear heights, grade/dock-high loading doors, ESFR sprinkler systems, and concrete truck courts.






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