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February 28, 2024
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Hines Picks Up 230k sf of Industrial Space in Otay Mesa


Hines purchased a 229.7k sf, Class A industrial portfolio spanning two buildings in San Diego’s Otay Mesa submarket. The buildings, located at 7255 Otay Mesa Rd and 1695 Continental St, were sold by Murphy Development Company.

Referred to as Brown Field Tech Park I, the buildings are 105.5k sf (Building A) and 124.2k sf (Building C) in size. They are situated on a combined 13.5 acres located on the SR-905 at the Britannia Blvd diamond interchange with proximity to the I-5/I-805/SR-125 interchange. The buildings feature modern, functionally divisible spaces with a variety of bay sizes, 32’ clear heights, grade/dock-high loading doors, ESFR sprinkler systems, and concrete truck courts.

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

“The portfolio is a significant block of state-of-the-art Class A industrial product offering strong value-add potential,” said Chiate. “Otay Mesa’s robust market fundamentals, together with the portfolio’s exceptional asset quality, main and main locations, and financial profile, created a premier investment opportunity in one of San Diego’s most sought-after submarkets."

Aberg added “The project’s position in the Otay Mesa submarket provides excellent proximity to multiple freeways and logistical routes, the U.S./Mexico border points of entry, and several airports, providing superior regional, national and international access. Such accessibility is very difficult to replicate and greatly elevates the appeal of this portfolio for tenants and owners.”

According to Cushman & Wakefield’s latest Q1-2022 industrial market report, Otay Mesa recorded 270.5k sf of occupancy growth in the first quarter, adding to the explosive 4.8 msf of occupancy growth for year 2021. Meanwhile, direct submarket vacancy fell to 3.0% in the first quarter.

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