SAN DIEGO, Calif., December 11, 2019 – Cushman & Wakefield today announced the firm has represented both buyer and seller in the off-market investment sale of a 59,760-square-foot Class A industrial building for $8.47 million in Otay Mesa (San Diego), California. The building is fully occupied by Johnson Otay LLC dba Johnson Storage & Moving Co, which sold the property to Eastgroup Properties in a sale/leaseback.
Bryce Aberg, Brant Aberg, Jeffrey Cole and Jeff Chiate with Cushman & Wakefield’s San Diego and Orange County offices handled the transaction on both sides.
Brant Aberg, SIOR, Executive Director, said, “Situated within the Siempre Viva Business Park, the property represents a state of the art distribution/warehouse facility located in a strong Otay Mesa submarket. This sale/leaseback presented a great opportunity for the buyer to acquire a high quality asset with a built-in income stream, while allowing the seller/occupant to benefit from the rising values of industrial real estate. Such a transaction helps support each side in the short and long term.”
He added, “Positioned just north of the US-Mexico border, Otay Mesa remains a sought after area for industrial occupants and investors. According to our latest statistics, industrial vacancy in Otay Mesa stands at just 4.7%, while this submarket has achieved over 630,000 square feet of occupancy growth year to date, the strongest industrial growth market by a longshot in San Diego so far in 2019.”
Located at 8709 Kerns St., the building was developed in 2002 and sits on 4.6 acres. Key building features include 28-feet clear height, 16 dock doors, 2 drive-in doors, modern office space, and fenced and gated yard. The property is also located within a Foreign Trade Zone and California Enterprise Zone.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.