|
|
7/26/23
|
Empire Centre, a 132.7k sf, multi-tenant industrial project on more than 8.5 acres in the Otay Mesa community of San Diego, was acquired by T&S Empire LLC. The price was not disclosed.
Built in 1999, the property consists of two freestanding multi-tenant buildings located at 7880 and 7920 Airway Rd that were essentially fully leased to 16 tenants at the time of sale. Empire Centre is located near the confluence of multiple freeways, including Highways 905, 125 and 11, and allows direct access to one of the world’s busiest land border crossings, providing tenants with immediate access to the Tijuana International Airport, Otay Mesa East Port of Entry border crossing, and Cross Border Xpress airport terminal.
Cushman & Wakefield’s Bryce Aberg, Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Zach Harman, and Brad Brandenburg represented the seller, TA Realty, in the transaction. Brant Aberg, Regan Tully, and Trent Smith with Cushman & Wakefield also provided local market advisory.
“This is a high-quality and well-performing industrial asset in one of Southern California’s most sought-after industrial submarkets,” said Aberg. “The property boasts a strategic San Diego South County location that is proximate to many critical logistical destinations, both domestically and internationally, including the Ports of Los Angeles and Long Beach, multiple airports, and the U.S./Mexico border.”
According to Cushman & Wakefield market research, the 22 msf Ottay Mesa industrial submarket is a market leader in San Diego, recording nearly 1.6 msf of positive annual net absorption (occupancy growth) in the most recent calendar year of 2022, and 7.8 msf since the start of 2018. Vacancy in the submarket was only 2.6% as of Q2 2023.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
