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11/08/22
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PCI Pharma Services agreed to a lease for a new, 105.5k sf building at Brown Field Tech Park I in San Diego’s Otay Mesa submarket. PCI, a leading provider of integrated pharmaceutical development services to the global healthcare market, leased the entire freestanding building, located at 7255 Otay Mesa Rd.
Brown Field Tech Park I consists of the building (Building A) now leased to PCI Pharma Services and a 124.2k sf building (Building C) that is also fully leased. Situated on a combined 13.5 acres, the buildings are strategically 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.
Brant Aberg with Cushman & Wakefield represented the landlord, Hines, in the transaction. Hines acquired the project this summer with the Cushman & Wakefield team representing the seller in that transaction.
According to Cushman & Wakefield, the 22 msf Otay Mesa industrial submarket is a market leader in San Diego, recording over 1 msf of positive net absorption (occupancy growth) year-to-date 2022 and a staggering 6.8 msf of total growth since the start of 2018. Direct vacancy in the submarket was 3.7% in Q3-2022.
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