|
|
9/20/19
|
The County of San Diego purchased 51 acres of land in Otay Mesa for $27.7 mil. The property, located at the Southeast corner of Alta Rd and Otay Mesa Rd, is comprised of three finished industrial lots.
The property will be developed as an Emergency Vehicle Operation Center for San Diego police and fire personnel to learn how to drive. The new center will be shared by the Sheriff’s Department, the City of San Diego and the San Diego Community College District.
The site is located within two miles of the CA-905 and CA-125 freeways, which connect Otay Mesa to the rest of San Diego County. The San Diego submarket of Otay Mesa continues to be a focus for investors and developers as one of the few remaining underdeveloped regions in the county. Earlier this year, Street Properties sold a 51-acre parcel in Otay Mesa to online auto auction company for $30 mil and 65 acres were sold to a New York-based investment management firm for the development of a web-based distribution facility in the area.
CBRE’s Rob Hixson represented the seller, Kearny Real Estate, a real estate investment and development company based in Los Angeles. Hixson also advised the County on this land requirement.
“This transaction marked big wins for both the County of San Diego and Kearny Real Estate,” said Hixson. “The County has long needed a permanent Emergency Vehicle Operation Center to train its personnel. This new facility will replace the interim, makeshift skills track they had been using in Mission Valley for the last several years. Additionally, this sale allows Kearny Real Estate to kick off the sale of the additional 300 acres they own in East Otay Mesa.”
In the second quarter, nine industrial properties across four development projects were delivered, totaling 584.4k sf, according to a recent CBRE research report. More than 1.2 msf of leasing of warehouse properties generated a positive net absorption of 293.2k sf during the quarter. Continued demand and new deliveries kept both low-finish and high-finish asking rates to all-time highs.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
