SAN DIEGO, Calif. – March 28, 2018 – The 132,661-square-foot (sf) Empire Centre in San Diego, California’s Otay Mesa submarket has traded for $13.675 million. National investor TA Realty of Newport Beach acquired the two-building, multi-tenant warehouse/distribution facility from Kavenish LTD. The Class A project was approximately 95% leased at time of sale.
Cushman & Wakefield investment specialists Bryce Aberg, Jeffrey Cole, Jeff Chiate, Ed Hernandez, Ryan Spradling and Brant Aberg represented the seller.
“A highly functional multi-tenant industrial park, Empire Centre is recognized among the finest properties of its kind in Otay Mesa, and displays both exceptional quality and an attractive financial profile which are very attractive investment points,” said Bryce Aberg, Executive Director. “The project has been meticulously maintained since its construction in 1999 and its distinguished corporate image has greatly contributed to its high historical occupancy and high quality tenant base.”
Empire Centre consists of two Class A distribution/warehouse buildings located at 7880 and 7920 Airway Rd. The property encompasses an expansive 8.59 acres along Airway Rd., a desirable location with proximity to multiple freeways, the U.S./Mexico border and multiple points of entry, Brown Field Airport and Rodriguez Field via the new CrossBorder X cross border terminal, that together provide unsurpassed regional, national and international access. The project features functional divisibility with a variety of bay sizes, 24 foot clear height, grade and dock-high loading doors, sprinkler systems, and a concrete truck court.
According to Cushman & Wakefield’s latest market report, Otay Mesa proved to be one of the strongest industrial growth submarkets in all San Diego County in the fourth quarter of 2017. Meanwhile, per the firm’s latest Capital Markets report, San Diego’s industrial investment sector had a standout year in 2017, experiencing 30% growth in sale activity year-over-year, as such product remains in high demand.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm with 45,000 employees in more than 70 countries helping occupiers and investors optimize the value of their real estate. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.