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3/19/18
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Kroeger Family Properties has acquired the Sail Otay Business Park, a three-building, 32.4k sf business park in Otay Mesa, for $3.95 mil ($122/sf). The property is located on 2.17 acres at 9765, 9775, and 9785 Marconi Dr, just north of the U.S./Mexico border, and the planned wall that Mexico is going to pay for.
Sail Otay Business Park was constructed in 1990. The multi-tenant property is comprised of one office and two industrial free-standing buildings. At the time of sale, Sail Otay Business Park was 95% occupied.
Mark Lewkowitz and Chris Holder of Colliers International, along with Kipp Gstettenbaueropf of Voit Real Estate Services, represented the buyer and the San Diego-based seller, Sail Otay LLC.
“There are few multi-tenant industrial investment opportunities in Otay Mesa or even San Diego County as a whole,” said Lewkowitz, First Vice President at Colliers International. “Because of the scarity of available product, our team generated multiple qualified offers from local and regional investors.”
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