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4/23/19
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Copart Inc, a Dallas-based online vehicle auction company, purchased 51 acres of land in Otay Mesa for $30 mil. Located at the north end of La Media Rd and the east side of Brownfield Airport, the property has been used as a truck yard.
The asset has recently been improved with power, water, landscaping, fencing, screening and secure gates. Copart sells roughly 14,000 used cars per day, using patented virtual auction technology.
The property is located within one mile of the CA-905 and CA-125 freeways, which connect to the rest of San Diego County. The San Diego submarket of Otay Mesa continues to be a focus for investors and developers, as it is one of the few underdeveloped regions left in the county.
Rob Hixson with CBRE represented the seller, the Street family. Joe Carroll of Resource One repped Copart in the deal.
“This transaction represents a perfect match between buyer and seller,” said Hixson. “With a major online retailer purchasing land in the area and San Diego County’s escrow for 40 acres for the Emergency Vehicle Operation Center, large industrial users are taking advantage of reasonably priced industrial land in Otay Mesa.” He added, “Otay Mesa is one of the few reasonable land markets left in California and is perfect for Copart’s business.”
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