Brown Field Tech Park I, including 7255 Otay Mesa Road and 1695 Continental St. Photo credit: Courtesy, Cushman & Wakefield
A large Otay Mesa industrial property has been sold by a development company to Hines, a privately held real estate investor and manager.
Cushman & Wakefield advised Murphy Development Company in the dispositional sale of the 229,680-square-foot industrial portfolio spanning two buildings, known as Brown Field Tech Park I.
The parties did not disclose the price for the buildings, located at 7255 Otay Mesa Road and 1695 Continental St.
Jeff Chiate, Bryce Aberg, Jeff Cole, Mike Adey, and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller. Brant Aberg, also from the firm, along with Andy Irwin and Joe Anderson of JLL, provided leasing advising.
“The portfolio is a significant block of state-of-the-art Class A industrial product offering strong value-add potential,” said Chiate, executive vice chairman of the company.
Bryce Aberg, vice chairman at Cushman & Wakefield, noted that the property, near the border, offers “superior regional, national and international access.”
“Such accessibility is very difficult to replicate and greatly elevates the appeal of this portfolio for tenants and owners,” he said.
Brown Field Tech Park I consists of Building A, at 105,457 square feet, and Building C, at 124,223 square feet, situated on a combined 13.5-acre site located on state Route 905.
According to Cushman & Wakefield’s first-quarter industrial market report, Otay Mesa recorded 270,500 square feet of occupancy growth over the period, adding to 4.8 million square feet of occupancy growth last year. Direct submarket vacancies fell to 3.0% .
Murphy Development Company develops corporate industrial, technology and life science parks in San Diego. In Otay Mesa, the 35-year-old company has developed more than 10 million square feet of space, attracting numerous Fortune 500 tenants to the area.