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6/10/21
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Two industrial properties in San Diego’s Otay Mesa submarket have sold for a combined price of $7.03 mil.
One of the properties is located at 2312 Marconi Place and sold to a local investor for $6.22 mil. The 4.63-acre industrial lot currently operates as a trucking logistics terminal. We’re told that at $31 per-square-foot, the sale is a near-record high for the Otay Mesa submarket.
The second property is located at the intersection of Marconi Place and Enrico Fermi Drive. The 0.54-acre lot sold to a local investor for $810k and will be used as a truck parking terminal. At $34/sf, the sale set an Otay Mesa submarket record for price-per-square-foot.
Ramin Salehi of CBRE represented the buyers and the sellers, both private investors, in the transactions.
“Otay Mesa’s industrial market is experiencing extraordinary growth as large operators enter the market and the supply of developable land continues to shrink,” said Salehi. “These two record-setting deals signify the value that investors are placing on well-located industrial assets in South San Diego.”
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