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June 24, 2024
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PGM Investments LLC Buys San Diego Industrial Property for $4 Mil


PGM Investments LLC purchased a 93.2k sf industrial property in San Diego for $4 mil, or about $43/sf. The property is located at 9940 Marconi Dr, just north of the U.S./Mexico border.

The 2.14-acre lot can be subdivided into two lots, each averaging over 46k sf. The graded site features curbs, gutters and sidewalks. The property is zoned for light industrial and office uses and permit-ready for a 45.7k sf warehouse facility. PGM Investments intends to develop a warehouse with an IOS component to expand its Otay Mesa footprint.

Located east of State Route 905 and 125, the property has easy access to both the Otay Mesa Port of Entry and the future secondary Port of Entry in Otay Mesa.

CBRE's Ramin Salehi, Joe Smith and John Smith represented the sellers, Westport Properties, a Southern California-based development company focusing on self-storage and industrial space. Jacob Castro and Chris Nelson of Inland Pacific repped the buyer in the deal.

"The demand for industrial outdoor storage (IOS) is still very active in the Cali Baja region," said Salehi. "With two- to five-acre yards being extremely limited in the Otay Mesa market, we were able to maximize value for the seller and help a growing occupier expand their footprint."

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