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September 22, 2023
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LaSalle Investment Management Wraps Up $158 Mil Purchase of Otay Mesa Industrial Campus


LaSalle Investment Management has acquired a 665.2k sf, Class A industrial campus on nearly 37 acres in the Otay Mesa submarket of San Diego. The property, known as The Campus at San Diego Business Park, was sold by Murphy Development Company in a transactions valued at $158.5 mil ($238/sf).

The project consists of three freestanding buildings located at 2001, 2055 and 2065 Sanyo Ave. At the time of sale it was nearly 98% leased to eight tenants at sale.

Built in the late 1980s (2001 Sanyo), early 1990s (2055 Sanyo) and most recently 2020 (2065 Sanyo), the project features functionally divisible spaces with a variety of bay sizes, 24’-34’ clear heights, grade and dock-high loading doors, ESFR sprinkler systems, and concrete truck courts. There is also gas service at the site.

The Campus offers high visibility and direct accessibility from the newly completed State Route-905 freeway as well as the State Route-11 freeway. The property’s proximity to the international border provides immediate access to Tijuana International Airport, the planned Otay Mesa East Port of Entry border crossing, and the new Cross Border Xpress airport terminal, a processing facility with a cross-border bridge that improves domestic and international access.

Jeff Chiate, Jeffrey Cole, Bryce Aberg, SIOR, Ed Hernandez, Mike Adey, and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The firm’s Brant Aberg, SIOR, along with Andy Irwin and Joe Anderson of JLL, provided leasing advisory.

“The Campus was a rare market opportunity for an investor to acquire a significant industrial portfolio of high quality, institutional quality assets with a strong tenant profile,” said Chiate. “The project is ideally positioned at a ‘main and main’ location in the Otay Mesa submarket, with excellent proximity to multiple freeways and logistical routes, the U.S./Mexico border points of entry, and several airports, providing unsurpassed regional, national and international access.”

“South County industrial property remains among the most sought-after among both tenants and owners,” said Aberg. “Otay Mesa maintains impressive market fundamentals benefiting from extreme rent growth coupled with strong occupancy growth and demand. The area also provides access to a large labor supply.”

According to Cushman & Wakefield’s latest Q3 2021 industrial market report, Otay Mesa has recorded nearly 4.3 msf of occupancy growth year-to-date, driven by a massive build-to-suit project in the area. Meanwhile, direct submarket vacancy was just 3.3% at the close of the quarter.

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