LARGE INDUSTRIAL BUILDING NEAR BORDER SOLD FOR $109M
Denver real estate firm buys facility that covers 31 acres in Otay Mesa
A Denver company has purchased one of San Diego County’s largest industrial buildings for $109 million.
The 601,417-square-foot industrial building in Otay Mesa at 2020 Piper Ranch Road is fully leased and situated in the rapidly growing industrial center near the U.S.Mexican border.
Tenants in the building, which takes up 31 acres, include QS Customs Brokers, Atlas Freight Forwarding, Balboa Water Group, R.L. Jones and Biotix, according to real estate tracker CoStar.
The sale was announced by Cushman & Wakefield, who represented seller Morgan Stanley Services Group. It did not disclose the
purchase price but the San Diego County Assessor-Recorder’s Office said the sale price was $109 million based on public transfer tax documents.
“2020 Piper Ranch Road is a state-of-the-art distribution/ware
house facility that presented the rare market opportunity for a critical mass of Class A industrial real estate that is 100 percent leased and situated in one of the fastestgrowing submarkets in
Southern California,” wrote Cushman & Wakefield vice chairman Jeff Cole in a news release.
Denver-based Black Creek Group bought the building. The company is a real estate investment firm that has more than 1,500 properties across North America.
The Piper Ranch building was built in 2003 and is about 1 1⁄ 2 miles from the Otay Mesa Port of Entry.
Otay Mesa has been growing as an industrial hub for several years. Recent large projects include conversion of California State Route 905 into a freeway and the Cross Border Xpress, or CBX, facility that allows for travelers out of Tijuana’s airport to easily cross from the United States without going through the two main border checkpoints.
Cushman & Wakefield’s Jeff Cole, Jeff Chiate, Bryce Aberg, Ed Hernandez, Mike Adey and Zach Harman of the firm’s National Industrial Investment Advisory Group in Southern California represented the seller in the transaction.