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September 22, 2023
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EastGroup Properties Closes $135 Mil San Diego Area Industrial Buy


EastGroup Properties purchased Viva Logistics Center II, a four-building, 547k sf logistics center in Otay Mesa. The Class A, institutional-quality industrial asset traded for $135 mil ($247/sf).

Viva Logistics Center II features a combination of cross-dock and rear-load buildings with clear heights ranging from 24 to 32 feet, ample dock loading positions, wide column spacing, deep truck courts, low office finish and ample parking. The buildings were constructed between 2001 and 2003 and recently extensively renovated and rebranded.

Situated on 29 acres at 8690 Kerns St, 2660 Sarnen S. and 8863 and 9043 Siempre Viva Rd, Viva Logistics Center II is in the Otay Mesa Industrial submarket which, according to JLL Research’s recent San Diego Industrial Insight report, has a record low vacancy of 3.9% at the end of the third quarter. The submarket is also adjacent to the U.S.-Mexico border and less than two miles from the Otay Mesa Land Port of Entry.

Mark Detmer, Ryan Sitov, Ryan Spradling, Taylor Neiman and Makenna Peter with JLL Capital Markets Investment Sales and Advisory team, along with Andy Irwin and Greg Lewis with the JLL Industrial Brokerage team, represented the seller, Siempre Viva Industrial II, LLC, an IDS Real Estate Group-affiliated entity.

“The San Diego industrial market is performing extremely well, and institutional capital has taken note over the past 24 months,” Spradling said. “The Viva Logistics Center is one of the premier industrial projects in the market, which is evident in the strong pricing it garnered.”

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