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.